On Thursday, Asian stocks displayed a mixed performance in response to the declines on Wall Street, prompted by the US Federal Reserve’s indication of requiring more time before implementing interest rate cuts. 

During early trading, Japan’s Nikkei 225 index recorded a 0.80 per cent decline, or 289.27 points, trading at 35,997.44, while the broader Topix index slipped by 0.78 per cent, or 19.93 points, reaching 2,531.17. South Korea’s KOSPI exhibited a 0.77 per cent increase, or 19.24 points, trading at 2,516.33. Conversely, Australia’s S&P/ASX 200 index experienced a notable 1.22 percent decline, or 93.80 points, reaching 7,586.90.

The previous session on Wall Street concluded with significant decreases, with the S&P 500 falling by 1.6 per cent to 4,845.65. The Dow registered a 0.8 per cent drop, settling at 38,150.30, while the Nasdaq, dominated by tech stocks, experienced a sharp 2.2 per cent decline, reaching 15,164.01.

The Federal Reserve, in its fourth consecutive meeting, opted to keep interest rates unchanged, signalling a potential move towards future cuts, although not anticipated before May at the earliest. Fed Chairman Jerome Powell conveyed that a reduction in interest rates in March was improbable.