Asian markets slump amid expectations Fed will raise rates

Asian markets slump amid expectations Fed will raise rates

TOKYO (AP) — Asian stock markets fell in subdued trading Tuesday amid growing expectations the U.S. Federal Reserve will raise interest rates in June.

Japan's benchmark Nikkei 225 fell 0.9 percent to close at 16,498.76 as the yen continued to strengthen, hurting exporters.

Hong Kong's Hang Seng fell 0.3 percent to 19,749.95 while the Shanghai Composite index slid 0.8 percent to 2,821.14.

Benchmark U.S. crude shed 32 cents to $47.76 per barrel in electronic trading on the New York Mercantile Exchange.