Asian stocks were modestly lower today, on net, with the MSCI Asia Pacific index down 0.2%, correcting some of yesterday's advance. The JGB 10-year cash yield was unchanged at 0.80%. Markets are essentially on hold until the U.S. Fed's statement later on Wednesday, which is likely to confirm that QE is drawing to a conclusion while emphasizing that the exit will be managed according to how the economic recovery evolves. China outperformed today, with the Shanghai composite showing over a 0.5% gain. Beijing said that a "stable and healthy" development of the property market was wanted, which is apparently the first time this year that the government didn't mention further tightening of the property market, according to Credit Suisse (via Bloomberg).
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