Thursday morning traders were analyzing the U.S. Federal Reserve’s June meeting minutes, which indicated the organization’s commitment to fighting inflation, and the bulk of Asia Pacific stocks was higher.

Japan’s Nikkei 225 jumped 1.24% by 10:55 PM ET (2:55 AM GMT).

South Korea’s KOSPI gained 1.73%.

Australia, the ASX 200 rose 0.35%.

Hong Kong’s Hang Seng was down 0.49%.

China’s Shanghai Composite was up 0.35% while the Shenzhen Component was up 0.47%.

The June Fed meeting minutes mentioned the possibility of using an “even more restrictive” monetary policy to stop persistent inflation. Investors now anticipate a 75 basis point increase in interest rates from the Fed in July.

Threats from rising prices and a dour economic outlook are being faced by investors as monetary policies are becoming more restrictive.

According to Edward Jones & Co. senior financial analyst Mona Mahajan, “all asset classes have been giving us a consistent message over the last couple of weeks, which is that slower growth is going ahead.”

According to data released on Wednesday, job ads in the United States were slightly down in May but were still near to a record, showing a continuous demand for workers.

It is predicted that the People’s Bank of China will withdraw funds from the region’s financial system, signaling a change toward normalizing monetary policy.

Prime Minister of the United Kingdom and leader of the Conservative Party, Boris Johnson, has stated he will not resign despite some of his cabinet members doing so.