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Asian shares rise after Fed's 75 basis point rate hike

Yen rises against dollar as U.S. Treasury yield falls

U.S. Federal Reserve Board Chairman Jerome Powell said another 50 or 75 basis point rate increase is likely at the Fed's next meeting in July. (Source photos by Reuters and Yoshiyuki Tamai) 

TOKYO -- Asian stocks rose Thursday after the U.S. Federal Reserve announced its biggest interest rate hike since 1994.

The Federal Open Market Committee on Wednesday decided to raise its key policy rate 75 basis points to a range of 1.50% to 1.75%, the sharpest increase in more than 27 years, as the Fed tries to squelch accelerating inflation. Fed Chairman Jerome Powell said that another 50 or 75 basis point increase is likely at the next meeting in July.

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