Asia stocks subdued after Powell testimony fails to surprise

Asian shares started tentatively on Thursday after Federal Reserve chair Jerome Powell maintained his hawkish tone, increasing speculation about the future rate policy path from the US central bank. MSCI's Asia-Pacific shares index outside Japan was marginally lower. The index fell more than 2% during the week, ending its week-winning run. Futures indicate a third of a percentage point fall for Japan's Nikkei. The Bank of England's decision on a widely expected hike, as the UK posts inflation rates at their highest since 2008, will be watched closely. The oil price remained largely stable while the Turkish lira suffered a slide to record lows.

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