Asia Markets Are Drifting Higher

After some heavy selling in Asia in recent trading sessions, markets are getting a reprieve.

Japan's Nikkei is up 0.5%

China's Shanghai Composite is up 0.6%

Korea's KOSPI is up 0.2%

Hong Kong's Hang Seng is up 0.1%

Australia's S&P/ASX 200 is down 0.6%

Last week saw a sell-off in the U.S. and global stock markets. After climbing during trading on Monday, U.S. stocks finished in the red.

The sell-off has largely been blamed on the emerging markets, though BlackRock's Russ Koesterich thinks the sell-off in U.S. markets is also partly because of stretched valuations and lackluster earnings.

All eyes are on the FOMC meeting announcement on Wednesday, when the Fed will reveal whether it will taper its monthly asset purchase program again.