Published: December 20, 2018
Tokyo falls almost 3% and Sydney hits two-year low on news, as China responds with a targeted rate cut for businesses
Asian stock markets have taken a battering after the US Federal Reserve voted to raise borrowing costs for the fourth time this year, signalling a further squeeze on liquidity around the world.
In Tokyo, the Nikkei closed down nearly 3% to its lowest point for 14 months as the Fed’s pledge to continue with “gradual” rate hikes next year sent shivers through financial markets.
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