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Asia markets sink on hawkish Fed; yen weakens ahead of Bank of Japan decision - CNBC
Sep 22, 2022 1 min, 7 secs
Federal Reserve raised interest rates and signaled further hikes ahead.

Japan's central bank kept interest rates unchanged, in line with expectations.

In Hong Kong, the Hang Seng index fell 1.61% to close at 18,147.95 with the Hang Seng Tech index dropping 1.7%.

The Nikkei 225 in Japan slipped 0.58% to 27,153.83, and the Topix index fell 0.24% to 1,916.12.

MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.39%.

Federal Reserve is expected to continue hiking interest rates to as high as 4.6% in 2023, according to its median forecast.

The Bank of Japan kept its interest rates on hold, according to an announcement posted on its website – meeting expectations forecasted by economists in a Reuters poll.

Federal Reserve delivered its third consecutive rate hike of 75 basis points.

The 2-year Treasury yield inched as high as 4.132% in Asia's morning trade after the Fed hiked rates by 75 basis points, close to the October 2007 high of 4.138%.

The British pound fell further in Asia's morning trade, hitting $1.1217 — its lowest level since 1985.

central bank will hike rates by 50 basis points or 75 basis points later today.

stock futures fell on Wednesday night following a volatile session in the major averages as traders weighed another large rate hike from the Federal Reserve.

Stocks wavered on Wednesday but finished the session deep in the red after the Federal Reserve announced another 75 basis point rate hike.

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