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Asian shares trade mixed after Fed rate hold Japan's Nikkei falls after Fed decision
(about 5 hours later)
Asian markets traded mixed, taking the cue from Wall Street where shares closed down after the Federal Reserve kept interest rates unchanged. Japan's Nikkei index fell 2% after the US Fed's decision to keep interest rates unchanged renewed concerns about the strength of the global economy.
US shares saw choppy trade after the Fed held off raising rates for almost the seventh year, leaving it near zero on concerns over the global economy. The Federal Reserve said worries over the global economy, particularly China, had influenced its decision not to raise rates.
The US dollar recovered some ground, up 0.1% after falling over 1% on the Fed's decision overnight. US shares saw choppy trade after the decision, with both the Dow Jones and S&P 500 closing lower.
Japan's Nikkei 225 index was down 1.5% to 18,164.41 in morning trade. Japan's Nikkei 225 index closed down 2% at 18,070.21.
Angus Nicholson, market analyst at trading firm IG said the Fed's decision to hold rates could influence other central banks. The US dollar fell sharply against the yen following the Fed's decision, which hit shares in Japanese exporters. Shares in carmakers Toyota and Honda dropped 1.4%, while Panasonic was 2.1% lower.
"It is a telling sign for how much the global outlook has deteriorated in the past few months, with the likelihood for even an October hike now sitting at 19.2%," he said in a note on Friday. A stronger yen against the dollar is bad news for exporters, because it makes their goods more expensive to sell overseas.
Rest of Asia mixed Angus Nicholson, market analyst at trading firm IG, said the Fed's decision to hold rates could influence other central banks to ease further.
Chinese shares opened higher. "It is a telling sign for how much the global outlook has deteriorated in the past few months, with the likelihood for even an October hike now sitting at 19.2%," he said.
The Shanghai Composite index was up 0.8% to 3,111.13, while Hong Kong's Hang Seng index was higher by 0.4% to 21,933.95 in early trade. China's home prices
In Australia, shares headed higher despite central bank governor Glenn Stevens saying the economy is going through a major adjustment during a parliamentary testimony. Chinese shares were mixed after government data showed that property prices had shown some signs of recovery.
The S&P/ASX 200 index was up 0.4% to 5,164.40 - erasing earlier losses. New home prices rose for a fourth consecutive month in August, up 0.3% from the previous month, but were down 2.3% from a year ago.
South Korea's benchmark Kospi index traded flat at 1,977.79. The property sector accounts for 15% of China's economic growth, so even minimal gains have a positive impact on the world's second largest economy.
Policymakers in the country said the Fed's decision to hold rates meant a greater level of uncertainty would continue to plague financial markets for some time. The Shanghai Composite index was down 0.5% to 3,071.77, while Hong Kong's Hang Seng index was up 0.1% at 21,884.55 in afternoon trade.
In Australia, the S&P/ASX 200 index erased earlier losses to end up 0.6% at 5,178.50.
South Korea's benchmark Kospi index finished 1% higher at 1,995.95.