Asian shares decline after Fed chief’s comments on inflation

By YURI KAGEYAMA
AP Business Writer

TOKYO (AP) — Asian shares have retreated, tracking losses on Wall Street after Federal Reserve Chair Jerome Powell indicated increases in interest rates must be faster to fight inflation. Major regional indexes cascaded downward in Asia, with the drop pronounced at nearly 2% in Tokyo. Japan’s consumer price index data show an increase for the seventh consecutive month, although the results were within market expectations. Benchmarks also fell in Australia, South Korea and China. Japanese Finance Minister Shunichi Suzuki made comments suggesting a slightly more forceful pushback against “sudden movements” in exchange rates, as the dollar remained at a 20-year high level of more than 128 yen. U.S. stocks closed broadly lower.