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Japan's Nikkei falls after Fed decision Japan's Nikkei falls after Fed decision
(about 1 hour later)
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. Japan's Nikkei index fell 2% as the yen strengthened against the dollar in the wake of the US Fed's decision not to raise interest rates.
The Nikkei 225 index closed down 2% at 18,070.21. The dollar fell against the yen following the Fed's decision, which hit shares in Japanese exporters.
Shares in Toyota and Honda dropped 1.4%, while Panasonic was 2.1% lower.
A stronger yen against the dollar affects exporters, as it makes their goods more expensive to sell overseas.
The US Fed's decision to hold rates also renewed concerns about the strength of the global economy.
The Federal Reserve said worries over the global economy, particularly China, had influenced its decision not to raise rates.The Federal Reserve said worries over the global economy, particularly China, had influenced its decision not to raise rates.
US shares saw choppy trade after the decision, with both the Dow Jones and S&P 500 closing lower.US shares saw choppy trade after the decision, with both the Dow Jones and S&P 500 closing lower.
Japan's Nikkei 225 index closed down 2% at 18,070.21.
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.
A stronger yen against the dollar is bad news for exporters, because it makes their goods more expensive to sell overseas.
Angus Nicholson, market analyst at trading firm IG, said the Fed's decision to hold rates could influence other central banks to ease further.Angus Nicholson, market analyst at trading firm IG, said the Fed's decision to hold rates could influence other central banks to ease further.
"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."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.
China's home pricesChina's home prices
Chinese shares were mixed after government data showed that property prices had shown some signs of recovery.Chinese shares were mixed after government data showed that property prices had shown some signs of recovery.
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.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.
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.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.
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. The Shanghai Composite index ended 0.4% higher at 3,097.92, while Hong Kong's Hang Seng index closed up 0.3% at 21,920.83.
In Australia, the S&P/ASX 200 index erased earlier losses to end up 0.6% at 5,178.50.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.South Korea's benchmark Kospi index finished 1% higher at 1,995.95.