Equities in Asia closed mostly lower on Wednesday as China data came in mostly in line with expectations and markets awaited the Federal Reserve’s decision on monetary policy.

Japan’s Nikkei 225 dipped into negative territory to close lower by 0.08 percent or 15.23 points at 19,883.52. South Korea’s benchmark Kospi index edged lower by 0.09 percent or 2.06 points to finish the session at 2,372.64.

The S&P/ASX 200 surged 1.06 percent or 61.134 points to close at 5,833.9, with most sub-indexes trading higher, led by the strength in the information technology and health sub-indexes.

Greater China markets traded lower after the release of economic data earlier in the session. The Hang Seng Index was off by 0.02 percent at 3:00 p.m. HK/SIN. On the mainland, the Shanghai Composite closed lower by 0.74 percent or 23.3004 points at 3,130.4425. The Shenzhen Composite edged lower by 0.382 percent or 7.0957 points to end at 1,852.7853.

Data from China reflected that factory output for the month of May pipped expectations, as did retail sales. However, fixed-asset investment in the world’s second-largest economy came in below expectations.

Investors are also waiting for the Federal Reserve to announce its decision on monetary policy in the U.S., due at 2 a.m. HK/SIN on Thursday. The Fed is widely expected to raise interest rates, with markets looking for details regarding the reduction of the central bank’s massive balance sheet.

Oil prices took a beating on reports from the American…