By Gina Lee

Investing.com – Asia Pacific stocks were mostly up on Wednesday morning. Investors continued to assess the effects of large selling of technology shares, and increasing concerns about a U.S. economic recession due to tightening of monetary policy.

Japan’s fell 0.17% by 10:51 PM ET (2:51 AM GMT), while South Korea’s gained 0.68%.

Australia’s rose was 0.60%

Hong Kong’s inched down 0.08%

China’s was up 0.29% while the was X X%. Despite Beijing’s ongoing promises of stimulus, the country’s zero-COVID policy and lockdowns have done considerable economic damage.

JPMorgan (NYSE:) cut its forecast for China’s second-quarter gross domestic product to a fall of 5.4% from a prior forecast of a 1.5% decline, after disappointing data in April.

To support the economy, China’s central bank and banking regulators encouraged lenders to boost loans. China is offering more than 140 billion Yuan ($21 billion) of additional tax relief in order to offset the damage caused by lockdowns.

fell 2.20%. Shares in advertising-dependent Snap Inc (NYSE:). After the announcement of the company, shares plunged 43% and traded below their 2017 IPO price ($17). This selloff exacerbated declines in peers Meta and Alphabet (NASDAQ) as well as Twitter (NYSE).

U.S. new home sales fell more than expected in April, and the Richmond Federal Reserve’s assessment of business activity fell to a two-year low.

Because of the potential for recession from tightening monetary policies, investors have begun to shift their focus on the outlook for monetary. For more information on the future direction of tightening, investors are now awaiting minutes from today’s U.S. Federal Reserve meeting.

“The market is moving its focus, and has been for the last month or so, from inflation concerns to growth concerns,” FL Putnam chief market strategist Ellen Hazen told Bloomberg.

Fed Bank of Atlanta President Raphael Bostic, one of the central bank’s dovish policymakers, urged the Fed to tighten policy with care and avoid ‘recklessness” in an essay he wrote and published by his bank on Tuesday.

Asia-Pacific: The Asia-Pacific Policy Committee will deliver its decision on Wednesday.

Data will be released on Thursday.