Asian markets today, Oct. 29 -- Japan's Nikkei 225 climbed over 1 per cent to a new record high on Wednesday amid mixed trading across Asian markets, as investors awaited the US Federal Reserve's interest rate decision - widely expected to deliver a second consecutive 25-basis-point cut.

The Topix index was little changed, while South Korea's Kospi edged up 0.17 per cent and the Kosdaq slipped 0.25 per cent.

Australia's S&P/ASX 200 declined 0.16 per cent, and Hong Kong markets remained closed for holidays.

Investors are pricing in nearly a 100 per cent chance of another quarter-point rate cut following September's reduction, which would lower the federal funds rate to a range of 3.75%-4.00%.

The federal funds rate, determined by the F...