Tokyo leads Asian stocks into the red.

Japanese shares (DXJ) led Asian stocks lower, pulled down by a possible delay or scaling back of a proposed increase in sales tax, as well as by yen (FXY) strength ahead of the Fed's monetary policy meetings this week. The yen has also been boosted by fears about China's (FXI) slowing growth and rising credit, factors that weighed on sentiment in Shanghai as well. U.S. stock futures were lower at the time of writing, although European shares were mostly higher, buoyed by mergers and earnings.