Asian shares declined Monday after the head of the U.S. Federal Reserve indicated high interest rates will continue for some time to curb inflation, the Associated Press reported. Japan's benchmark Nikkei 225 dipped 2.7% in afternoon trading to 27,881.87. Australia's S&P/ASX 200 dropped 2.0% to 6,965.50. South Korea's Kospi slipped 2.2% to 2,427.28. Hong Kong's Hang Seng slid 0.8% to 20,004.49, while the Shanghai Composite recouped earlier losses to inch up less than 0.1% at 3,237.82. In energy trading, benchmark U.S. crude rose 67 cents to $93.73 a barrel. Brent crude, the international standard, added 36 cents to $101.35 a barrel. In currency trading, the U.S. dollar rose to 138.80 Japanese yen from 137.75 yen. The euro was little changed at 99 cents.
