Asia markets mixed even as Fed forecasts more rate hikes to deal with inflation

Asia-Pacific markets largely rose after U.S. Federal Reserve Chairman Jerome Powell forecast more rate hikes this year, saying that “the process of getting back down to 2% has a long way to go.”

“Nearly all FOMC participants expect that it will be appropriate to raise interest rates somewhat further by the end of the year,” Powell said in remarks prepared for testimony before the House Financial Services Committee. 

In Japan, the Nikkei 225 fell 0.19% to reverse its gains from Wednesday, while the Topix was up 0.53%.

South Korea’s Kospi was up 0.46% and the Kosdaq was 0.17% up, while Australia’s S&P/ASX 200 saw a loss of 1.59%, extending its losses from Wednesday.

Elsewhere, markets in Hong Kong and mainland China, as well as Taiwan are closed for a holiday Thursday.

Separately, crypto prices also surged in the last 24 hours, with bitcoin breaking above the $30,000 mark for the first time since April 26. Ether climbed to nearly reach the $1,900 mark, its highest level since June 4.

Overnight in the U.S., all three major indexes fell for a third-straight day, with the Nasdaq Composite seeing the largest loss and sliding 1.21%. The Dow Jones Industrial Average was lower by 0.3%, and the S&P 500 dropped 0.52%.

— CNBC’s Sarah Min and Tanaya Macheel contributed to this report

Correction: This story has been updated to reflect that markets in Hong Kong were closed on Thursday for a holiday.