Asian stocks outside Japan fell after the Federal Reserve raised its estimates for interest rates. Japan’s Topix (TPX) index jumped toward a six-year high on a weaker yen.
Hyundai Motor Co. sank 7.6 percent after South Korea’s largest carmaker led a group that bid for real estate with an offer triple the property’s assessed value. Honda Motor Co., a Japanese carmaker that gets 47 percent of sales in North America, rose 2.7 percent. Arrium Ltd. plunged 27 percent in Sydney after raising capital. Sony Corp. dropped 8.1 percent as the Japanese consumer-electronics maker widened its net loss forecast and said it will suspend an annual dividend.
The MSCI Asia Pacific excluding Japan Index lost 0.9 percent to 490.73 as of 11:54 a.m. in Hong Kong. The Topix rose 1.1 percent as the yen reached a six-year low against the dollar, boosting the earnings outlook for exporters. The Fed raised by 25 basis points its median estimate for where the federal funds rate will be by the end of 2015, while maintaining a commitment to keep rates near zero for a “considerable time” after bond purchases are completed.
This article is for general information purposes only. It is not investment advice or a solution to buy or sell securities. Opinions are the authors; not necessarily that of OANDA Corporation or any of its affiliates, subsidiaries, officers or directors. Leveraged trading is high risk and not suitable for all. You could lose all of your deposited funds.