Asian markets turn cautious after Fed raises interest rates

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Asian equities turned cautious on Thursday after the US Federal Reserve raised interest rates for the second time this year, as was widely expected by markets.

Despite inflation coming in below the Fed's target, the central bank said it would raise the benchmark interest rate by 25 basis points. The Fed also provided greater detail about how it would unwind its massive balance sheet.

The Nikkei 225 edged lower by 0.6 percent while the Kospi gave up earlier gains to decline 0.75 percent.

Australia's S&P/ASX 200 tumbled 1.13 percent, driven by weakness in its materials and energy sub-indexes, which were down 2.3 percent and 2.31 percent respectively. Major banking and mining stocks traded in the red.