Stock markets in Asia closed Monday with losses except for Indian Sensex benchmark amid concerns over the possibility of interest rate hikes by the US Federal Reserve (Fed) and ongoing tension between Russia and Ukraine.

The Fed’s first meeting of the year is set to take place on Wednesday.

The Asia Dow, which includes blue-chip companies in the region, dropped 68.7 points, or 1.82%, to 3,700 at 0900GMT.

Tokyo’s Nikkei 225 stock exchange fell 457 points, or 1.66%, to 27,131.

Japanese government will implement an oil industry subsidy program amid surge in oil prices, Industry Minister Koichi Hagiuda said.

The average regular gasoline retail price exceeded 170-yen ($1.5) threshold level per liter as of Monday, its highest level in more than 13 years.

China’s Shanghai stock exchange dove 91 points, or 2.58%, to close at 3,433 points.

Hang Seng, the benchmark for blue-chip stocks trading on the Hong Kong stock exchange, fell 412.8 points, or 1.67%, to 24,243.

The Indian Sensex benchmark was the sole index posting rise on Tuesday, up 163.9 points, or 0.29%, to close at 57,655, while the Singapore index decreased 41.3 points, or 1.26%, to reach 3,242.

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