(Bloomberg) -- Most equity markets in Asia fell amid caution ahead of next week’s US election and the Federal Reserve’s rate decision. Japanese shares gained.

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Benchmarks in mainland China, Hong Kong and Australia all fell at least 0.5%. The Topix and Nikkei indexes rose more than 1%, boosted by the yen’s recent weakness and gains in the tech sector following a record close for the Nasdaq Composite overnight. US equity futures advanced in Asian hours after the S&P 500 closed up 0.2%.

Treasury yields slipped, while a Bloomberg gauge of the dollar’s strength snapped a three-day advance. Gold hit a fresh record early on Wednesday as traders weighed potential market disruption ahead of the election. Bitcoin, seen as a Trump trade, hovered near an all-time high.

In addition to risks posed by US events, traders in Asia have their eyes set on the Bank of Japan’s decision on Thursday and a meeting by China’s top legislative body to be held Nov. 4-8, where further fiscal stimulus may be announced. Asia’s regional equity benchmark is set for its worst monthly performance in a year.

Some of US earnings have been positive but still insufficient to offer conviction over market direction or offset uncertainties related to the election and the Fed, said Billy Leung, an investment strategist at Global X ETFs. “I would think the market is unlikely to take big trades or bets ahead of the NPC,” he added, referring to China’s National People’s Congress Standing Committee meeting.

In late US trading, Alphabet Inc. climbed more than 5% as the Google parent’s earnings beat estimates, while Advanced Micro Devices Inc. sank 7% amid a lackluster revenue forecast.

Just about a week away from the Fed decision, data showed US job openings fell to the lowest since early 2021. The figures run counter to the September employment report that pointed to a still-strong labor market, which prompted traders to trim bets on another big rate cut. A separate reading showed consumer confidence hit the highest since the start of the year.

Treasuries are on track for their worst month in more than two years amid signs of economic strength, posturing for the election and heavy supply of new notes and bonds. Oil was steady after losing more than 6% in the previous two sessions on easing concerns the conflict in the Middle East will affect supply.