Asia is set for a mixed trading day on Wednesday, even after U.S. equities closed higher overnight.

In Japan, the Nikkei 225 was up 0.23 percent at 20,662.48 in early trade and the Topix index advanced 0.1 percent.

Fast Retailing shares were up 1.73 percent after reports said same-store sales at its Uniqlo retail outlets in the country rose 6.3 percent on-year in September.

Australian stocks slipped, with the benchmark ASX 200 down 0.6 percent at 5,667.40 in morning trade. The energy subindex was down 1 percent and the heavily-weighted financial sector fell 0.78 percent.

Major Australian banking stocks were lower, with ANZ shares tumbling 1.51 percent, Westpac off 1.15 percent and the National Australia Bank lower by 1.08 percent.

“The Australian share market faces a test today,” Michael McCarthy, chief market strategist at CMC Markets, said in a morning note. “After underperforming major markets in September, weakness returned in trading yesterday.”

McCarthy added that the “potential for a negative day looms if the top down sellers return.”

Markets in China and South Korea remain closed for public holidays.

Meanwhile, the Reserve Bank of India’s (RBI) monetary policy decision is due on Wednesday. Many analysts expect the central bank to stay on hold, keeping the repo rate at 6 percent.

A Reuters poll found that, though the RBI is set to leave the repo rate unchanged, many economists believe the central bank may downgrade its growth forecast following the implementation of the new goods and services tax in the country.

“There is pressure on the committee to ease rates, given that the repo rate is at 6 percent versus below-4 percent CPI inflation,” said Radhika Rao, an economist at Singapore-based DBS Bank, in a note. “The RBI is, however, unlikely to react this week as besides a gradual rise in inflation, significant changes in the macro backdrop also need to be assessed further.”

The Indian rupee will be in focus. The currency last fetched 65.48 per dollar.

Elsewhere in the currency market, the dollar index, which measures the greenback against a basket of currencies, remained at levels similar to the previous session. At 8:15 a.m. HK/SIN, the index stood at 93.552.

Meanwhile, the Japanese yen traded at 112.72 per dollar, strengthening from levels near 113.1 in the previous session.

“There wasn’t much consistency in the performance of the dollar and while dollar/yen failed to end the day above 113, it also did not experience significant losses,” Kathy Lien, managing director of foreign exchange strategy for BK Asset Management, said in an early morning note, referring to overnight moves in the foreign exchange market.

Lien said the dollar’s “quiet strength suggests that investors are optimistic and it’s hard not to be with stocks hitting fresh record highs Monday and Tuesday.”

Elsewhere, the Australian dollar climbed from levels near $0.78 in the last session to trade at $0.7845 on Wednesday morning.