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.
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.
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 Shanghai Composite in mainland China shed 0.27% to 3,108.91 and the Shenzhen Component dipped 0.839% to 11,114.43.
The Nikkei 225 in Japan slipped 0.58% to 27,153.83, and the Topix index fell 0.24% to 1,916.12.
South Korea's Kospi dropped 0.63% to 2,332.31 and the Kosdaq lost 0.46% to 751.41. MSCI's broadest index of Asia-Pacific shares outside Japan fell 1.39%.
Australia's market was closed for a holiday.
The U.S. Federal Reserve is expected to continue hiking interest rates to as high as 4.6% in 2023, according to its median forecast.
— CNBC's Jeff Cox, Samantha Subin, Carmen Reinicke and Yun Li contributed to this report.