TOKYO (AP) — Asian shares mostly rose Friday, as investors digested the latest message from the U.S. Federal Reserve on raising short-term interest rates by late 2023.

Japan’s benchmark added 0.3% in morning trading to 29,108.23. South Korea’s Kospi edged 0.1% higher to 3,266.88. Australia’s S&P/ASX 200 rose 0.5% to 7,395.00. Hong Kong’s Hang Seng jumped 0.7% to 28,750.38, while the Shanghai Composite slipped nearly 0.1% to 3,523.05.

Investors are watching for what the Bank of Japan may say on its monetary policy as the central bank ends a two-day policy meeting, although dramatic changes are not expected.

“We expect the BOJ to stay on hold, but continue to emphasize the dovish bias,” Venkateswaran Lavanya at Mizuho Bank in Singapore said in a report, saying Japan’s “exit” from extreme monetary easing is bound to lag the Fed’s.

The Fed’s comments came Wednesday, and global markets had already initially reacted…

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