Asian stocks mixed after Fed gives no details of rate hikes

Asian stock markets are mixed after Federal Reserve policymakers indicated they are leaning toward more decisive action on inflation but set no firm targets

BEIJING -- Asian stock markets were mixed Thursday after Federal Reserve policymakers indicated they are leaning toward more decisive action on inflation but set no firm targets.

Shanghai and Seoul advanced while Hong Kong declined. Tokyo retreated after Japan's January exports grew less than expected. Oil prices, which are volatile due to anxiety over a potential Russian invasion of Ukraine, fell by more than $1 per barrel.

Wall Street's benchmark S&P 500 index rose while the Dow Jones Industrial Average declined Wednesday after notes from the latest Fed meeting showed officials suggested a faster pace of interest rate hikes “would likely be warranted.”

The minutes “showed a lack of clear commitments on the size of rate hikes and balance sheet reduction,” said Yeap Jun Rong of IG in a report. That suggests the Fed's attitude might be “less hawkish than previously thought.”