Asian stocks trade mixed, treasury yields drop ahead of Fed

Asian stocks are trading mixed, while treasury yields are reporting losses as traders await a Fed rate decision.

Japan's Nikkei is reporting a 0.40 percent drop at press time. Meanwhile, the Shanghai Composite index and India's Sensex are trading flat-to-negative. Other key Asian indices like Hang Seng, Kospi and S&P ASX 200 are up at least 0.10 percent each.

Elsewhere, the 10-year treasury yield is flat lined at2.717 percent, having dropped close to three basis points yesterday.

The FOMC rate decision is scheduled at 19:00 GMT. The central bank is widely expected to keep rates unchanged and markets are likely to take cues from Chairman Jerome Powell's press conference.

Both the dollar and the treasury yields could spike, sending equities lower, if Powell downplays recent reports, which said the central bank is planning to end its quantitative tightening program sooner-than-expected.