Asia report: Shares mixed as Powell calms rate rise jitters
Asia-Pacific shares were mixed on Wednesday, after US Federal Reserve Chairman Jerome Powell said inflation was falling, indicating rate hikes could be paused.
Powell's speech at the Economic Club of Washington was seen to be less hawkish than expected, a relief to jittery markets that had feared more rises over the course of this year after last weeks bumper jobs report. Powell maintained his position that getting inflation under control will "take quite a bit of time."
On regional equity markets, Japan's Nikkei 225 fell 0.3% to 27,685.46, as shares in Sharp, Nintendo and Softbank declined after disappointing results.
In South Korea, the Kospi rose 1.3% to close at 2,483.64, while Australia's S&P/ASX 200 climbed 0.35% to 7,530.1 as investors further digested the Reserve Bank of Australia’s Tuesday rate hike.
Hong Kong’s Hang Seng index fell 0.07%. In China, the Shanghai Composite fell 0.49% to close at 3,232.14.
India's BSE index gained 0.66% after the Reserve Bank of India raised its benchmark interest rate by 25 basis points to 6.50%, in line with expectations.