Japan Quake Kills Dozens as Fed Keeps Rates Steady Amid Inflation Fears

A powerful earthquake struck Japan's southwestern prefecture of Kumamoto on Tuesday, resulting in at least 14 confirmed deaths and widespread destruction. The magnitude 7.1 quake caused a fire to break out at an Aeon shopping mall in Kashima, killing three people.

The disaster has left around 8,700 people seeking shelter in evacuation centers, with shinkansen bullet train services mostly suspended. Local authorities have confirmed that the death toll is likely to rise as rescue efforts continue.

In other news, the U.S. Federal Reserve maintained its benchmark interest rate at a steady 3.50-3.75 percent, citing concerns over inflationary pressures fueled by rising oil prices. The Fed's decision was met with a 9-3 vote in favor of maintaining the status quo.