Asian markets trade mixed

Markets across Asia were trading mixed on back of rate hike in China and investors turning to the sidelines as Bank of Japan began the meeting today.

Hong Kong shares advanced after fluctuating in the opening trades due to the gains in Chinese insurers helping to compensate for yesterday'd weakness in property stocks after the People's Bank of China (PBOC) raised interest rates. The Hang Seng Index was up 0.3% at 24,210.

Chinese stocks also rose after a slow start as some analysts said the PBOC may not aggressively raise rates after Tuesday's move.The Shanghai Composite gaining 0.6% to 2,985.

Menawhile, Japanese stocks traded lower with banks dragging the market as Japan's nuclear crisis remained unresolved, and an impending policy announcement from the Bank of Japan on Thursday. BoJ is expected to further loosen the monetary policy to buttress the earthquake stricken economy. The Nikkei Stock Average immediately gave up its initial gains to trade lower by 0.2% at 9,596.