Asian shares decline after Fed chief's comments on inflation

Asian shares have mostly retreated, tracking losses on Wall Street after Federal Reserve Chair Jerome Powell indicated increases in interest rates must be faster to fight inflation

TOKYO -- Asian shares mostly fell Friday, tracking losses on Wall Street after Federal Reserve Chair Jerome Powell indicated increases in interest rates must be faster to fight inflation.

Major indexes cascaded downward in Asia. Japan's consumer price index data showed an increase for the seventh consecutive month, although the results were within market expectations.

Japan’s benchmark Nikkei 225 dipped 1.6% in afternoon trading to 27,106.56. Australia’s S&P/ASX 200 dropped 1.6% to 7,473.30. South Korea’s Kospi shed 0.7% to 2,707.96. Hong Kong’s Hang Seng slipped 0.2% to 20,638.33, while the Shanghai Composite recouped earlier losses to edge up 0.4% to 3,091.79.

Japanese Finance Minister Shunichi Suzuki made comments seen as a slightly more forceful pushback against “sudden movements" in exchange rates after meeting with Treasury Secretary Janet Yellen on the sidelines of G-20 finance ministers’ meetings.