World markets were mostly down on Wednesday riding in the wake of the Chinese rate hike and the pain of U.S. markets that saw the biggest one day drop since August on Tuesday.
In Japan, the Nikkei 225 closed down 157.85 points, or 1.65%, to 9,381.60.
Commodity-related stocks dropped as crude oil for November traded near a three-week lows.
Mitsubishi Corp., Japan’s biggest commodities trader, fell 2.4%, Mitsui & Co., a trading house that counts commodities as its biggest source of profit, dropped 2.7% and Inpex Corp., Japan's largest oil and gas explorer, saw its shares fall 3.4% to 432,000 yen.
Specialty steel product maker, Kyoei Steel Ltd., dropped 1.4% after preliminary sales earnings came in lower than expected.
Shares of furniture retailer, Nitori Holdings Co., climbed 4.5% upon announcing that it will by up to 1.8% of its outstanding shares.
In China, the Shanghai Composite Index managed to hang on and keeps its closing price just over the 3,000 marker for the second straight day.
The Shanghai Composite closed up 2.10 points, or .07%, to 3,003.95.
Property shares took a hit from the surprise rate hike yesterday by the Bank of China.
Shares of China Vanke, the country's largest developer by sales, fell by as much as 9 percent to 8.60 yuan, before rebounding to around 9.07 yuan.
The Hang Seng closed down; losing 207.23 points to close at 23,556.50.
Property stocks in Hong Kong felt the pain of the rate hike as well.
China Overseas Land Investment (0688.HK), the biggest Chinese developer by market value, saw its shares drop by over 4% to its lowest level in about two weeks.
Elsewhere, the smaller markets were mixed:
South Korea's Kospi rose .71% to 1,870.44.
Australia's S&P/ASX 200 closed down by .662% to 4,624.900.
India's Sensex fell .56%.
Malaysia's Kuala Lumpur Composite Index dropped 1.87 points to 1,486.78.
Indonesia's Jakarta Composite Index decreased 13.83 points.
Shenzhen Composite closed green; up .72% to 1,298.003.
Taiwan's Taiex increased by 78.39 points.
Singapore's Straits Times Index lost .41%.
New Zealand's NZX 50 moved down by .46%.
Philippine shares were up by.017%.
Shares in Thailand closed down by .117%.
