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Yahoo! My Yahoo! Mail More Yahoo! Services Account Options New User? Sign Up Sign In Help Yahoo! Search web search Home Singapore Asia Pacific World Business Entertainment Sports Technology Australia China India Indonesia Japan Malaysia Philippines Thailand Vietnam Fed rate move hits Asian shares, boosts dollar AFP - Saturday, February 20 Send IM Story Print Fed rate move hits Asian shares, boosts dollar HONG KONG (AFP) - – A surprise move by the US Federal Reserve to hike one of its lending rates triggered fears in Asian markets Friday that global stimulus measures may begin unwinding sooner than expected. The rate hike saw the US dollar rise broadly against other major currencies, sending the euro down to a fresh nine-month low at one point. Investors reacted cautiously to the Fed's decision to hike the primary credit rate on emergency loans to banks to 0.75 percent from 0.5 percent, despite it stressing the move did not signal a broader tightening of policy. In a statement, the Fed said its action came "in light of continued improvement in financial market conditions" but said the changes "do not signal any change in the outlook for the economy or for monetary policy". But coming after two quarters of positive growth, the hike was interpreted as the start of an exit from radical measures to jolt the world's biggest economy from recession, with markets across the region retreating. "The most important takeaway is that the Fed is beginning to implement an exit strategy," said Kathy Lien, director of currency research at Global Forex Trading. However, the timing of the Fed move "is not good", Bae Sung-young at Hyundai Securities told Dow Jones Newswires. "The Fed's hiking of the discount rate can give a short-term shock to the market that has been under downward pressure (from early this year) due to concerns over China's tightening moves." China has made several efforts recently to cool lending amid concerns over rising inflation, asset bubbles and bad loans, triggering fears over market liquidity. Markets saw Thursday's Fed action as signalling it is closer to raising its benchmark interest rate, said Samarjit Shankar, an analyst with The Bank of New York Mellon. The Fed slashed the benchmark rate to virtually zero percent in late 2008 in an unprecedented move to induce growth in the world's largest economy as it reeled from a financial crisis stemming from a home mortgage meltdown. Tokyo tumbled 2.05 percent, or 212.11 points to 10,123.58 as investors digested the impact of the Fed decision. "Some investors are worried that the Fed's discount rate hike may lead to tighter financial conditions for businesses," said Shinichiro Matsushita, market analyst at Daiwa Securities. But Matsushita said a decline in the value of the yen against the dollar in response to the Fed move provided some support for Tokyo stocks because a weaker currency is good for exporters. The dollar rose to a five-week high against the yen and a fresh nine-month high against the euro, which is under pressure due to lingering concerns of contagion stemming from Greece's fiscal woes. However the greenback later trimmed gains as Asian investors took profits. In afternoon trade the dollar was at 91.76 yen from 91.80 in New York Thursday. The euro fell as low as 1.3443 dollars, its weakest since May 18, before later fetching 1.3484 dollars from 1.3527 in New York and 123.73 yen from 124.25. Toyota shares fell 1.78 percent after its president bowed to mounting pressure and agreed to appear before the US Congress to answer concerns about safety. Hong Kong tumbled 2.59 percent, or 528.13 points to end at 19,894.02, reflecting broad market concerns of a possible increase in interest rates given the Hong Kong dollar's peg to the US dollar. Property stocks were hit, as Henderson Land shed 4.2 percent, Wharf Holdings lost 3.7 percent and Sino Land declined 3.4 percent. Commodities and energy companies saw downward pressure as the dollar rose. Sydney closed down 0.43 percent, or 19.8 points, at 4,635.1. Shanghai and Taipei remain closed until Monday for the Lunar New Year break. Oil was lower. New York's main futures contract, light sweet crude for delivery in March, tumbled 1.04 dollars to 78.02 dollars a barrel, while Brent North Sea crude for April dipped 82 cents to 76.96 dollars. Hong Kong gold ended at 1,105.00-1,106.00 US dollars an ounce, up from Thursday's close of 1,098.70-1,099.70 dollars. 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