Regional Equities Mostly Higher, Japan Out, FOMC Later Today

Regional Asian equities are mostly higher today, following a slow start post BoJ and RBA decisions yesterday, with Japan observing a public holiday. Meanwhile, markets are awaiting the FOMC meeting later today, where it's widely expected to keep rates on hold, and attention will be largely focused on the dot plot, which has become the de facto monetary policy forecast. There have been few market headlines this morning.

• Japanese equities are closed today for Vernal Equinox Day.
• South Korean equities have opened higher on Wednesday, tracking gains made overnight in the US. There have been very few market headlines, other than South Korea announcing it will ease the tax burden for companies enhancing returns for shareholders, following up on its pledge to improve valuations and boost the local stock market. Meanwhile, Samsung shares jumped 4% as shareholders gathered for the AGM; the Kospi is up 1.10%.
• Taiwanese equities opened lower but quickly reversed those moves, now trading up 0.65%. The Philadelphia SE Semiconductor Index was down 0.94% on Tuesday, weighing on some semiconductor names in the region. Later today, Taiwan has export order data due out with expectations of a decline from the prior month to 1.2% for February, while tomorrow the Central Bank meets and is expected to keep rates on hold at 1.875%.
• Australian equities are higher today, largely tracking the US markets. The financial sector is the top-performing sector, offsetting losses in healthcare, real estate, and consumer staples. Looking ahead, tomorrow Australia has employment data out. Chinese Foreign Minister Wang Yi met with Australia's Foreign Minister Wong earlier in hopes of ending a bitter three-year trade war. The ASX200 is up 0.29%.
• Elsewhere in SEA, New Zealand equities are lower today, down 0.23% ahead of GDP data due out tomorrow. Singapore equities are 0.21% higher, while Malaysian equities are 0.35% lower.