Asian stock markets mixed as yen climbs after Fed meeting, drags on Nikkei

Asian stock markets mixed after Fed meeting

TOKYO — Asian stock markets were mixed in holiday-thinned Wednesday after the Federal Reserve indicated it is ready to do more to help the U.S. economy but stopped short of announcing specific measures.

The Fed said it is concerned that inflation is below levels consistent with a healthy economy and indicated that it is ready to provide “additional accommodation” to support the recovery. That would mean more purchases of Treasurys or other kinds of debt, which would keep interest rates low and hopefully encourage borrowing.

Japan’s Nikkei 225 stock average was flat at 9,602.65 as the yen strengthened. The dollar was trading below the 85-yen line, which it had maintained since the government intervened in currency markets last week to stem the yen’s rise.

New Zealand’s benchmark was down 0.3 percent at 3,228.74 while Australia’s S&P/ASX 200 added 0.2 percent to 4,625.30. Markets were closed for holidays in South Korea, mainland China and Taiwan.

The impact of the Fed’s statement on Wall Street was short-lived. Hopes had been building that it would announce specific measures.

The Dow rose 7.41, or 0.1 percent, to close at 10,761.03. It’s still up 7.5 percent for September, an unusually large gain for a month that is historically weak for stocks.

The Standard & Poor’s 500 index slipped 2.93, or 0.3 percent, to 1,139.78, while the Nasdaq composite fell 6.48, also 0.3 percent, to 2,349.35.

In currencies, the dollar fell to 84.92 yen from 85.01 yen in New York late Tuesday. The euro rose to $1.3292 from $1.3270.

Benchmark crude for November delivery was up 4 cents at $75.10 a barrel in electronic trading on the New York Mercantile Exchange.