Hong Kong’s Hang Seng\n \n Index fell 1.9%, leading losses in the region. Japan’s Nikkei 225\n \n declined 1.5%. Australia’s S&P/ASX 200 shed 1.3%, while South Korea’s Kospi dropped 0.8%. Mainland Chinese stock markets were closed for a public holiday. Federal Reserve Chair Jerome Powell said Wednesday that more interest rate increases might be needed this year to bring down US inflation to the central bank’s 2% target.
” On Thursday, the Bank of England raised borrowing costs by half a percentage point — a sharper increase than many economists expected — after data earlier this week revealed surprisingly stubborn inflation. On Friday, data from Japan showed that inflation excluding fresh food and energy hit a 42-year high of 4.3%, fueling speculation the Bank of Japan might rethink its monetary policy and start tightening.
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