Market turmoil returned to Asia Thursday, with Japanese stocks at one point slumping more than 3%, after the U.S. Federal Reserve said it would scale back further on its stimulus measures.

Although the move to scale back on its monthly buying program was widely expected, it is the latest blow for investors already dealing with a global selloff. Recent attempts by central banks in Turkey and South Africa to stop the slides in their currencies have failed to have a significant impact, heightening jitters for money managers.

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