Asian stocks fell sharply on Thursday after the minutes from the Federal Reserve's most recent meeting suggested that most members of the committee were thinking interest rates would need to go higher due to inflation as well as a tight labor market.
U.S. non-farm payroll data is set to be released on Friday, which would give further indication on how soon the central bank may raise rates. Higher interest rates increase borrowing costs for businesses and consumers, potentially resulting in less spending.
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