Stocks in Asia mostly stronger, New Zealand weakens after rate hike

SYDNEY, NSW, Australia - Stocks in Asia moved higher on Wednesday, except in New Zealand where the Reserve Bank hiked interest rates by a hefty 50 basis points.

The RBNZ took the OCR (Official Cash Rate) from 1 percent to 1.5 percent. Analysts had been expecting a 25 basis points increase.

The hike was the biggest percentage increase by New Zealand's central bank in more than twenty years.