HONG KONG: Asian stocks sank Thursday (Sep 21) and the dollar advanced after the Federal Reserve indicated it could hike interest rates again this year and keep them elevated longer than fear
and keep them elevated longer than feared as it struggles to bring inflation to heel.
The hawkish tilt dealt a blow to sentiment among traders, who have feared more restrictive measures following a string of data showing that 11 hikes in 18 months were not having the desired impact on inflation, which is still well above the bank's 2 per cent target. Asia followed suit. Tokyo, Hong Kong, Shanghai, Sydney, Seoul, Singapore and Taipei all suffered selling.
That has returned focus on the Bank of Japan ahead of its own meeting on Friday, with officials recently saying that they were keeping a close watch on forex markets, fuelling speculation they would intervene to protect the yen if it continued to weaken.
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