EMERGING MARKETS-Asian FX retreats on hawkish Fed, awaits c.bank meetings

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* BOJ keeps ultra-low rates, yen weakens further * Philippine peso hits record low * C.bank meetings ahead in Indonesia, Philippines, Taiwan By Riya Sharma Sept 22 (Reuters) - Asian currencies retreated on Thursday after the U.S. Federal Reserve gave a hawkish outlook for interest rates and ahead of several key central bank meetings later in the day, including in the Philippines where the peso hit a record low. Equities in Asia also hit a two-year low after the U.S. Federal Reserve delivered its third straight rate increase of 75 basis points on Wednesday and signalled more hikes to come, underscoring its resolve not to let up in its fight to contain inflation. Bank Indonesia (BI) is expected to raise its key interest rate another 25 basis points at its meeting later in the day, a Reuters poll of economists showed. BI unexpectedly hiked its policy rate in August for the first time since 2018, embarking on monetary tightening to fight rising inflation, although it is still moving slower than most of its regional peers. The rupiah touched its lowest in more than two years, falling 0.3% while shares in Jakarta were trading flat. The Philippine central bank is also likely to opt for a half-point interest rate rise at its meeting on Thursday to support a weakening currency and blunt the effects of imported inflation, a Reuters poll of economists showed. The peso sank 0.7% to a record low, while equities in Manila fell 1.8% to their lowest in more than a month. The Bank of Japan remained an outlier among a global wave of central banks that are withdrawing stimulus to battle inflation, as it maintained ultra-low interest rates and dovish policy guidance on Thursday at a policy meeting. The yen, which has fallen more than 20% so far this year against the greenback, was down 0.9% at its lowest level in 24 years. U.S. Federal Reserve officials signalled that borrowing costs would keep rising this year and projected rates hitting 4.4% this year, higher than markets had priced in before the meeting and 100 bps more than the Fed projected three months ago. The U.S. dollar pushed to a two-decade high versus its major peers, propelled by the Fed's hawkish outlook and as the U.S. bond yield curve inverted further. "The 2Y yield already running ahead of the Fed funds rate, and some safe-haven flows amid geopolitics might have been factors preventing the yield from reacting more to the FOMC outcome earlier," Frances Cheung, rates strategist at OCBC Bank, said in a note. Higher yields strengthen the dollar, boosting the appeal of Treasury notes and the greenback, and in turn weigh on riskier Asian assets. "More aggressive rate hikes will further hurt growth while keeping inflation expectation anchored; such inflation-growth matrix shall limit the upside to the 10Y yield at least in the near term," Cheung said. Investors in Asia are also awaiting a policy decision from the central bank in Taiwan later on Thursday, with a mild interest rate hike expected, according to economists polled by Reuters. The island's economic growth, exports and inflation are all slowing. The Taiwan dollar was down 0.5% at its lowest in three years, while shares on the Taiwan Stock Exchange declined 1.9% to their lowest in more than two months. HIGHLIGHTS: ** Indonesian 10-year benchmark yields are up 2.6 basis points at 7.221% ** Singapore's 10-year benchmark yield is up 1.400 basis points at 3.204% Asia stock indexes and currencies at 0527 GMT COUNTRY FX RIC FX DAILY % FX YTD % INDEX STOCKS DAILY % STOCKS YTD % Japan -0.52 -20.52 -0.54 -5.64 China -0.58 -10.35 -0.29 -14.61 India -0.76 -7.76 -0.53 1.56 Indonesia -0.18 -5.14 0.20 9.44 Malaysia -0.38 -8.83 -0.41 -8.06 Philippines -0.68 -12.69 -1.49 -12.29 S.Korea -0.98 -15.57 -0.77 -21.78 Singapore -0.20 -4.99 -0.23 4.18 Taiwan -0.48 -12.35 -1.11 -21.71 Thailand -0.56 -10.66 0.17 -1.29 ​​ (Reporting by Riya Sharma in Bengaluru; Editing by Edmund Klamann)