Asian Stocks Waver After Fed Raises Interest Rates for First Time in Three Years

Asian stocks were mixed on Thursday following Wall Street's decline after the Federal Reserve raised interest rates for the first time in three years. The quarter of a percentage point increase brings the Fed's key rate to a target range of 3.75%-4.00%, as it attempts to control US inflation that's been stubbornly above its target.

The Japan Nikkei 225 index was 0.2% higher at 64,067.53, while South Korea's Kospi gained 0.9% to 6,778.49. In contrast, the Hong Kong Hang Seng fell 0.7% to 24,533.46, and the Shanghai Composite index lost 0.4% to 3,877.46.

Australia's S&P/ASX 200 climbed 0.3% to 8,718.20, while Taiwan's Taiex jumped 1.3%. India's Sensex edged up 0.3%, but the ongoing Iran war is likely to keep pressure on inflation, according to Lorraine Tan, director of equity research for Asia at Morningstar.