TOKYO: Stocks fell and the dollar advanced on Thursday after the Federal Reserve pledged to keep interest rates low for a long time but stopped short of offering further stimulus to shore up a battered U.S. economy.
Tech shares fared worse, with the Nasdaq Composite dropping 1.25per cent on Wednesday. Nasdaq futures fell 1.14per cent in Asia. "Of course, sensible people wouldn't really hold anyone to macro forecasts that far out so we'll cross that bridge when we get to it," said Derek Holt, head of capital markets economics at Scotiabank in Toronto.
"By and large the Fed delivered the minimum of what had been expected by markets with a key focus on the implications of a move to 'flexible' inflation targeting," said Stephen Miller, investment strategist at GSFM in Sydney. The yen was little moved at 104.98 to the dollar having hit a 1-1/2-month high of 104.80 per dollar overnight.
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