Asian shares battered after Fed raises rates for fourth time

Tokyo falls almost 3% and Sydney hits two-year low on news, as China responds with a targeted rate cut for businesses

Asian stock markets have taken a battering after the US Federal Reserve voted to raise borrowing costs for the fourth time this year, signalling a further squeeze on liquidity around the world.

In Tokyo, the Nikkei closed down nearly 3% to its lowest point for 14 months as the Fed's pledge to continue with "gradual" rate hikes next year sent shivers through financial markets.

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Stocks tumble on deepening fears of Fed mistake. Japan enters bear mkt as Topix slides 21% from Jan high, S&P 500 hits 15mth low after Fed Chair Powell disappointed excessively dovish mkt expectations. US 10y ylds drop to 2.75%, Oil continues downtrend, Bitcoin stable at $3.7k. pic.twitter.com/VrKquOckxr

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