Asian shares advanced Thursday after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming...
TOKYO — Asian shares advanced Thursday after the Federal Reserve raised its key interest rate by three-quarters of a point and signaled more rate hikes were coming to fight inflation.
The Bank of Japan is holding a two-day policy meeting, starting Thursday. The Japanese central bank is under pressure to act given downward pressures on the yen from U.S. rate hikes and super-low rates in Japan. Worries are also growing about how the Japanese economy will hold up as wages decline and growth stumbles.
The Fed is “not trying to induce a recession now, let’s be clear about that,” Powell said. He called Wednesday’s big increase “front-end loading.” The S&P 500 tumbled into a bear market earlier this week and Wednesday’s gain was its first in six days.
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