Hong Kong and Tokyo both opened deep in the red even as inflation data from Japan was in line with market expectations and better than elsewhere in the world.
But the prospect of rate hikes in the United States and ongoing pandemic disruptions in China, where millions are still under a harsh Covid-19 precipitated lockdown, weighed on Asian bourses.Fed Chair Jerome Powell's comments reversed fortunes on Wall Street mid-session. But US stocks tumbled after Powell, who has signalled the US central bank will have to move more aggressively to counter record US inflation, explicitly said a half-point interest rate increase is"on the table" for next month's policy meeting.
Oil prices also took a hit over the Fed's potential monetary policy tightening and dwindling energy demand in China.
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