Asia-Pacific shares traded mixed Thursday, as investors continue to parse comments from Federal Reserve Chair Jerome Powell who indicated there could be multiple rate hikes ahead.
The Nikkei 225 was up 0.9% while the Topix traded 0.37% higher as Japanese retail sales rose 5.7% year-on-year in May, official data showed.
South Korea’s Kospi inched up 0.4%, while the Kosdaq slipped 0.18% lower. Japan and South Korea are slated to discuss a currency swap deal in what would be their first bilateral finance meeting in seven years, according to Reuters.
Hong Kong’s Hang Seng index fell 0.62% in the first hour of trade. Mainland China’s Shanghai Composite lost 0.11% and the Shenzhen Component was higher by 0.13%.
Australia’s S&P/ASX 200 traded 0.22% higher.
Markets in Singapore, Indonesia and Malaysia are closed for the Eid al-Adha holidays.
Overnight in the U.S., major benchmarks were trading near the flatline.
Powell on Wednesday said more restrictive policy is to come as the Fed continues its fight against inflation, warning of the likelihood of interest rate hikes at subsequent meetings. He is slated to speak at a conference in Madrid on Thursday.