Asian Markets Mixed As Investors Remain Cautious

Japan's Nikkei Stock Average was up 0.28 percent or 25.70 points to 9058.99. Among major gainers were Sharp Corp (9.30 percent), NEC Corp (3.74 percent) and Sony Corp (3.43 percent).

China's Shanghai Composite fell 0.29 percent or 6.08 points to 2067.07 and Hong Kong's Hang Seng was marginally down 0.03 percent or 5.44 points to 19806.36. Among major losers were COSCO Pacific Ltd (1.35 percent) and China Resources Land Ltd (1.32 percent).

South Korea's KOSPI Composite Index rose 0.25 percent or 4.88 points to 1921.21. Shares of Samsung Electronics Co Ltd rose 1.92 percent and those of Hyundai Motor Co advanced 0.21 percent.

India's BSE Sensex marginally fell 0.09 percent or 16.10 points to 17615.61. Among major losers were Sesa Goa (0.71 percent), Ranbaxy Labs (0.63 percent) and Tata Steel (0.37 percent).

Market players are waiting for U.S. Federal Reserve Chairman Ben Bernanke's speech at the Fed's Jackson Hole Symposium Friday for further hints of what the Fed might do next. Earlier this month, despite acknowledging the evident slowdown in the U.S. economic growth, the Federal Reserve declined to take any additional action at the conclusion of the two-day Federal Open Market Committee (FOMC) meeting. However, the Fed offered a hint that it might be prepared to do more at the next meeting in mid-September.

Market players sense that the policymakers in the euro zone will need to urgently follow their words with action. A re-launch of the European Central Bank's bond-buying program is the absolute minimum to be expected. ECB President Mario Draghi will address at the Jackson Hole Symposium Saturday.

The faltering economic growth is expected to put pressure on the ECB to announce bold stimulus measures to boost the financial condition. It is especially hoped that the central bank will buy sovereign bonds that would reduce the escalating borrowing costs faced by Spain and Italy.