Equity markets sank on Friday and oil extended a sharp selloff after a string of interest rate hikes by central banks revived worries about the global economy.
With interest rates still well above target and the yen weakening, the Bank of Japan is facing calls to move away from its ultra-loose monetary policy.TOKYO - Equity markets sank Friday and oil extended a sharp selloff after a string of interest rate hikes by central banks revived worries about the global economy.
The optimism that characterised the first half of June -- fuelled by hopes the Federal Reserve was close to the end of its hiking cycle -- has given way to concern that officials still had several more in them as they battle stubborn price rises. And Turkey, which for two years had followed President Recep Tayyip Erdogan's unorthodox policy of dealing with high inflation by cutting rates, changed course and nearly doubled its borrowing costs.
Hong Kong and Tokyo each lost more than one percent, while Sydney, Seoul, Singapore, Manila and Wellington were also in the red.
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