Stocks in focus as Bank of Japan decides on rates

Asia-Pacific markets traded mixed on Wednesday, following declines on Wall Street after a sell-off in technology stocks picked up pace.

Japanese markets will be in focus for investors, with the Bank of Japan poised to announce its monetary policy decision later in the day. The central bank is widely expected to hold interest rates steady at 0.5%.

Japan’s benchmark Nikkei 225 edged up 0.63%, while the broader Topix index increased 0.94%.

Over in South Korea, the Kospi index advanced 0.88%, while the small-cap Kosdaq fell 0.62% in choppy trade.

Mainland China’s CSI 300 started the day trading flat, while Hong Kong’s Hang Seng Index dropped 0.25%, reversing course from strong gains in the previous session.

Australia’s S&P/ASX 200 pared losses to trade flat.

Overnight in the U.S., stocks were back in the red after two straight winning sessions.

The Dow Jones Industrial Average lost 260.32 points, or 0.62%, closing at 41,581.31. The S&P 500 shed 1.07%, ending at 5,614.66. The broad market index concluded the day 8.6% off its closing high reached in February, bringing it near correction territory. The Nasdaq Composite dropped 1.71% and settled at 17,504.12.

Tesla, one of the stocks hardest hit during the market’s recent correction, was down yet again on Tuesday. The stock fell more than 5% after RBC Capital Markets lowered its price target on the electric vehicle name, given stiff competition in the EV space.

Elsewhere, shares of Palantir and Nvidia dropped nearly 4% and more than 3%, respectively. The Technology Select Sector SPDR Fund (XLK) was also down more than 1%.

— CNBC’s Sean Conlon and Alex Harring contributed to this report.