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Asian stocks trade subdued on Yellen’s 2015 rate hike pledge

FXStreet (Mumbai) - Stocks on the Asian bourses trade lacklustre, with no clear direction in sight, as the Asian traders remain wary on Fed Chair Yellen’s hawkish comments, reiterating rate-hike remains on track later this year.

However, the timing of the rate lift-off remains uncertain and depends on the overall economic outlook.

Most major indices waver

The Japanese benchmark, the Nikkei keeps moderate losses, despite a weaker yen versus the US dollar which continues to boost the exporters’ stocks. Meanwhile, markets also digest the latest Japan’s CPI figures which reflected deflation resurfacing in the economy. At the moment, USD/JPY trades 0.08% higher at 120.15 while the Nikkei drops -0.31% to 17,531.

The benchmark Australian S&P/ASX 200 index erased gains and turned negative, down -0.29% to 5,057 points, with the gold miners and retailers offering some support to the index.

The Chinese markets traded muted with the Shanghai Composite dead flat at 3,142 points. While Hong Kong's benchmark Hang Seng index loses -0.16% at 21,051. Korea's benchmark Kospi index accelerated losses and now trades -0.70% to 1,933 points in Seoul.

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