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The Nikkei finished the day little changed at 40,654.70. Of the index’s 225 components, 155 rose, 67 fell and three were unchanged.
The broader Topix rose 0.4%.
The Fed sets rates on Wednesday, and while policymakers are widely expected to stand pat, investors will be watching closely for signs that an interest rate cut may be on the way later this year.
Similarly, the BOJ is seen keeping policy steady on Thursday, but markets will search for clues on when the central bank is likely to resume rate hikes.
On Friday, most U.S. trade partners that have not agreed deals with Washington will receive higher tariff rates. “There are still a lot of uncertainties over tariffs, and that’s going to limit the upside for stocks,” said Maki Sawada, an equities strategist at Nomura Securities. As a result, “there’s no particular sense of direction” in Japanese stock trading currently, she said.
Airlines made up the worst performing Topix sub-index among the 33 industry groupings, led lower by a more than 4% drop for ANA Holdings following its earnings report.
Earnings also weighed on chip-testing equipment maker Advantest, which slipped 1.1%.
Sumitomo Pharma surged more than 16% to be the biggest percentage gainer.
