South Korea says it will hold an election on May 9 to choose successor for ousted President Park Geun-hye

S. Korean prosecutors plan to question Park next week

HONG KONG (AP) — Asian stocks were mixed Wednesday as the Fed met to decide on whether to hike interest rates in view of improvements in the U.S. economy. KEEPING SCORE: Japan's benchmark Nikkei 225 stock index lost 0.3 percent to 19,544.07 and South Korea's Kospi shed 0.1 percent to 2,130.80. The Hang Seng in Hong Kong edged 0.1 percent lower to 23,815.03 but the Shanghai Composite Index recouped early losses to rise 0.1 percent to 3,241.13. Australia's S&P/ASX 200 added 0.2 percent to 5,772.90. Shares also fell in Taiwan and most of Southeast Asia. FED IN FOCUS: Economists forecast that the U.S. central bank will raise interest rates by a quarter of a percentage point when policymakers wrap up their two-day meeting on Wednesday, or Thursday morning in Asia. Analysts said a rate hike, only the Fed's third in a decade, is already priced into financial markets and investors will be looking to see what Fed chief Janet Yellen will be saying about the pace of future increases. Higher rates would make the U.S. more attractive and could siphon away capital from emerging markets and weaken their currencies. MARKET INSIGHT: "A U.S. rate rise is now baked in to the market cake," said Michael McCarthy, chief strategist at CMC Markets. Now, "the focus will shift to board projections. Any increase on the current indications of a further three hikes this year could disrupt equity markets." TALKING YUAN: China's top economic official vowed to keep the yuan's exchange rate stable, saying there's no plan to devalue it to boost exports. Premier Li Keqiang's remarks at an annual legislative session follow heavy spending by the central bank to prop up the currency. U.S. President Donald Trump has repeatedly promised to declare that Beijing improperly manipulates its exchange rate, a move that could lead to trade sanctions. ENERGY: Oil prices bounced after a slump in U.S. trading fueled by oversupply concerns. Benchmark U.S. crude rose 79 cents to $48.51 a barrel in electronic trading on the New York Mercantile Exchange. The contract lost 68 cents, or 1.4 percent, to settle at $47.72 a barrel on Tuesday. Brent crude, which is used to price international oils, added 73 cents to $51.65 per barrel in London. WALL STREET: Major U.S. benchmarks ended lower. The Standard & Poor's 500 index fell 0.3 percent to 2,365.45. The Dow Jones industrial average fell 0.2 percent to 20,837.37. The Nasdaq composite fell 0.3 percent to 5,856.82. CURRENCIES: The dollar climbed to 114.78 yen from 114.76 yen late Tuesday. The euro rose to $1.0615 from $1.0605. The pound rose to $1.2163 from $1.2153.

Asian stocks mixed as investors await Fed's likely rate hike