MSCI's broadest index of Asia-Pacific shares outside Japan lost 0.4% and Tokyo's Nikkei 1.2%. Chinese blue chips gained 0.5%, perhaps aided by news President Joe Biden was considering removing some tariffs on China.
The US central bank on Wednesday approved its biggest interest rate hike since 1994, lifting the target federal funds rate by 75 basis points to a range of between 1.5% and 1.75%.
Chinese blue chips dropped 0.84%, and Hong Kong's Hang Seng suffered a 2.9% slide. Japan's Nikkei slumped 2.78%, and South Korea's Kospi declined 2.78%.
MSCI's broadest index of Asia-Pacific shares outside Japan rose 1.5% in early trading, the biggest gain in a week, buoyed by a 1.2% rebound in resources-heavy Australian shares, a 2.8% jump in Hong Kong stocks and a 0.7% rise for blue chips in mainland China.