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Australia Falls as Central Bank Raises Rates

Asia-Pacific markets were trading mixed on Tuesday, defying moves on Wall Street after the S&P 500 erased earlier gains that brought the benchmark index to trade at its highest level on an intraday basis in nine months.

In Japan, the Nikkei 225 continued its hot streak, gaining 289.35 points, or 0.9%, to 32,506.78.

The last time the Nikkei traded at these levels, Japan was in the middle of its bubble economy — a period from 1986 to 1991 where real estate prices and stock prices were hugely inflated. The Nikkei reached its all-time high of just above 38,900 in December 1989.

In Hong Kong, the Hang Seng docked 9.22 points, or 0.1%, to 19,099.28, dragged by industrial stocks.

Australia’s main index fell after the central bank surprised markets and raised its cash rate by 25 basis points to 4.1%. The Australian dollar strengthened by 0.8% to 0.6669 against the U.S. dollar.

In other markets

Korean markets were shuttered for holiday.

In China, the CSI 300 index deducted 36.09 points, or 0.9%, to 3,808.16.

In Taiwan, the Taiex index gained 47.23 points, or 0.3%, to 16,761.66.

In Singapore, the Straits Times index eked up 1.1 points to 3,190.11.

In New Zealand, the NZX 50 crept upward 1.2 points to 11,882.10

In Australia, the ASX 200 slipped 86.63 points, or 1.2%, to 7,129.64.