Asian Stocks Slide as Rate Concerns and China Property Woes Weigh on Markets

Asian stocks fell to their lowest levels this year as concerns over higher U.S. interest rates for a longer period gripped markets. The yen wobbled near a one-year low, raising the possibility of intervention. European stocks were expected to open lower, and U.S. Federal Reserve officials indicated that monetary policy will need to remain restrictive to bring inflation back down to the central bank's target. The Australian dollar sank after the Reserve Bank of Australia held interest rates steady and warned that further tightening might be necessary. The Japanese yen inched closer to the 150 per dollar mark, prompting speculation of intervention from authorities.