(fxcue news) - Asian stocks turned in a mixed performance on Wednesday as traders awaited key U.S. CPI data due later in the day that could influence the Federal Reserve's interest -rate decision next week. Currently, markets are pricing in an 85 percent chance of a quarter-point cut. Investors also braced for China's two-day Central Economic Work Conference that is expected to map out policies for next year. The Japanese yen recovered from a recent slump against the U.S. dollar after data showed inflation in Japan's corporate goods prices accelerated to the fastest pace in 16 months, keeping the Bank of Japan under pressure to raise interest rates again. Gold steadied near a two-week high in Asian trade and oil prices ticked higher amid heightened geopolitical tensions. China's Shanghai Composite index rose 0.29 percent to 3,432.49 after President Xi Jinping said on Tuesday that Beijing is fully confident in achieving its economic growth target this year. Hong Kong's Hang Seng index fell 0.77 percent to 20,155.05, giving up initial gains as Chinese leaders convened an annual planning meeting in Beijing to set economic policies and growth targets for the coming year. Japanese markets ended on a flat note amid uncertainty over how soon the Bank of Japan could raise interest rates. The Nikkei average finished marginally higher at 39,372.23, heading into the Bank of Japan policy meeting next week. The broader Topix index settled 0.29 percent higher at 2,749.31. Nippon Steel Corp rose 0.6 percent after reports that the Biden administration would block its planned takeover of U.S. Steel on national security grounds. Seoul stocks rose for a second straight session after data showed the country added more than 120,000 jobs in November, a slight uptick from the previous month. The Kospi average rallied 1.02 percent to 2,442.51, with shipbuilders, financials, defense equipment and internet-related shares leading the surge. Australian markets ended lower ahead of domestic jobs data, scheduled for Thursday. The benchmark S&P/ASX 200 dropped 0.47 percent to 8,353.60, marking the lowest close since Nov. 26. The broader All Ordinaries index closed 0.46 percent lower at 8,610.40. Across the Tasman, New Zealand's benchmark S&P/NZX 50 index ended the session up 0.30 percent at 12,761.19, snapping a three-session losing streak. U.S. stocks ended lower overnight, failing to sustain early gains as investors awaited the all-important CPI report that could reflect another increase in the annualized headline figure. The Dow dipped 0.4 percent while the tech-heavy Nasdaq Composite and the S&P 500 both slipped around 0.3 percent.