Oil prices edged lower in early Asian trading on Wednesday, as a stronger dollar curbed investor appetite while traders took some money off the table after benchmarks rallied to multi-month highs in each of the past two sessions.

The yen languished near a four-month low against the U.S. dollar and a 16-year trough against the euro on Wednesday, a day after the Bank of Japan's widely anticipated decision to end its negative interest rate policy.

Japan's core machinery orders fell more than expected in January on the back of a weak manufacturing sector, data showed on Monday, prompting the government to downgrade its view on the indicator for the first time in more than a year.

 Internal Revenue Service Commissioner Danny Werfel said on Monday that the tax agency will need to boost its workforce to over 100,000 people over the next three years to achieve its modernization, service and enforcement goals and additional funding will be needed to maintain that extra capacity.

Most Asian stocks fell on Tuesday, with Japanese markets losing ground before a potentially historical policy shift from the Bank of Japan, while anticipation of a Federal Reserve meeting kept sentiment subdued. 

Japanese shares fell on Tuesday along with regional markets, while the yen was steady heading into a pivotal Bank of Japan meeting that could end eight years of negative interest rates and usher in the nation's first policy tightening since 2007.