Australia and Japan markets slip as Fed decision looms, most Asian markets closed

Australian and Japanese stock markets declined on Wednesday, with investors cautious ahead of the U.S. Federal Reserve's upcoming interest rate decision. The announcement, expected early Thursday in Asia, has heightened market sensitivity.

The yen experienced a volatile start to the week, with suspicions of market intervention. It is currently trading at about 157.7 against the U.S. dollar. Meanwhile, the majority of Asian markets remained closed in observance of the Labor Day holiday.