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Asian Markets Tumble on Back of Fed Move in U.S.

Asia markets traded lower on Thursday after the U.S. Federal Reserve raised interest rates and signaled further hikes ahead. U.S. stocks were volatile and closed sharply lower following the announcement.

In Tokyo, the Nikkei 225 index fell another 159.3 points or 0.6%, to 27,153,83.

The Japanese yen strengthened more than 2% against the dollar after reports of officials announcing a direct intervention to defend its currency.

The Japanese yen strengthened to 140-levels against the dollar after reports of officials announcing to have conducted a direct intervention to defend the currency. Japan’s central bank kept interest rates unchanged, in line with expectations.

The Japanese yen weakened to 144.51, while the Korean won also surged past 1,409 against the U.S. dollar– the weakest since March 2009.

In Hong Kong, the Hang Seng index tumbled 296.67 points, or 1.6%, to 18,147.95.


In Shanghai, the CSI 300 lost 34.39 points, or 0.9%, to 3,869.34

China’s onshore yuan weakened past 7.09 per dollar, hovering near levels not seen since June 2020.

In other markets

In Singapore, the Straits Times Index edged higher 1.28 points to 3,263.07.

In Korea, the Kospi index retreated 14.9 points, or 0.6%, to 2,332.31.

In Taiwan, the Taiex skidded 139.89 points, or 1%, to 14,284.63

In New Zealand, the NZX regained 19.37 points, or 0.2%, to 11,518.32.

Australian markets were shuttered for holiday.