Asian stocks lower after Fed confirms rate hike plans

Investors are uneasy over the impact of interest rate hikes in the United States and other Western economies to cool surging inflation. Wednesday's Fed release showed board members support 0.5-percentage-point hikes at their next two meetings. That will weigh on economic activity but already was factored into stock prices.

The Kospi in Seoul declined 0.3% to 2,610.30. The Bank of Korea, as expected, raised its benchmark interest rate by 25 basis points to 1.75%. The minutes from the Fed meeting this month show most board members agreed that half-point increases to the Fed's benchmark short-term rate “would likely be appropriate.” That would be double the usual margin of increases.

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