Asia Markets: Asian markets swing lower after Fed rate hike

Asian stock markets were down in early trading Thursday, after the U.S. Federal Reserve raised interest rates and indicated two more rate hikes were coming later this year.

Japanese stocks opened lower, with just the fishery/ag/forestry and marine transportation sectors up. The Nikkei NIK, -0.99% was down 0.4%, though few big caps were moving sharply. Nintendo 7974, -5.09% , however, was down 3.7% and tractor maker Kubota 6326, -2.43% eased 2.3% amid the dollar’s USDJPY, -0.35% pullback. Elsewhere, Toshiba 6502, +2.67% was up a further 2% to again be the best-performing large cap after Wednesday’s 6.6% jump on its stock-buyback plans.

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