Most Asian stocks fell on Thursday over reaffirmations of an interest rate rise by global central banks as an inflation-fighting resolve, and warning rates may need to rise further. At the same time, the yen and the Chinese yuan struggled to lift from lows amid fears of official intervention.

The MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.5% lower in the noon trading session. Markets in Singapore, India and Malaysia are closed for holidays. 

Shanghai Stock Exchange Composite Index, representing Chinese blue chips, slid 0.2%. Hong Kong’s Hang Seng index fell 1.4%. On the other hand, Japan’s Nikkei gained 0.1% and was headed for a monthly rise of 6%.

US shares were trading mixed. Nasdaq managed a slight 0.3% gain with support from tech stocks. While the Dow closed 0.22% lower, and S&P 500 closed nearly flat.

Federal Reserve Chair Jerome Powell said the Fed will likely raise rates further in the July meeting. European Central Bank President Christine Lagarde also cemented expectations for a ninth consecutive rise in eurozone rates in July. 

The US dollar was little changed, while the yen regained some composure on Thursday, rising 0.2%.