06:30 AM EDT, 09/21/2023 (MT Newswires) -- Asian stock markets largely declined Thursday after the Federal Reserve indicated on Wednesday that the US central bank expects to hold interest rates at elevated levels for longer than previously expected.

Hong Kong, Shanghai and Tokyo all fell back, as did other regional exchanges except Bangkok.

In Japan, the Nikkei 225 opened lower on Wall Street cues and could not recover, finishing down 1.4% as yields on Japanese government bonds touched 10-year highs. Tech issues slipped on interest-rate concerns, while financial stocks gained.

The benchmark Nikkei 225 fell 452.75 to 32,571.03, as losing issues outnumbered gainers 171 to 54.

Leading the upside was utility Tokyo Electric Power, up 5.1%, while Keisei Electric Railway fell 4.5%.

In Hong Kong, the Hang Seng Index finished down 1.3%, undercut by soft property and tech issues.

The broad gauge Hang Seng fell 230.19 to 17,655.41, as losing issues outnumbered gainers 71 to nine. The Hang Seng TECH Index fell 1.9% on the day, while the Mainland Properties Index declined 1.2%.

Chow Tai Fook Jewellery led gainers, up 1.1%, while Alibaba Health Information Technology lost 4.9%.

On the mainland, the Shanghai Composite fell 0.8% to 3,084.70.

On the other regional exchanges, the South Korean Kospi fell 1.7%; the Taiwan TWSE declined 1.3%; the Australian ASX 200 declined 1.4%; the Singapore Straits Times Index fell 1.2%, but the Thai Set inclined 0.4%. In late trading in Mumbai, the Sensex was down 0.8%.

In other news, Bank Indonesia left key rates unchanged.

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