Asian stock markets settled lower on Thursday after the U.S. Federal Reserve hinted at a faster pace of tightening next year.

China's benchmark index, Shanghai Composite declined 22.85 points or 0.73 percent to close at 3,117.68. Hong Kong's Hang Seng fell 397.22 points or 1.77 percent to end at 22,059.40. Singapore's Straits Times lost 23.29 points or 0.79 percent to end at 2,930.77.

South Korea's KOSPI fell 0.22 points or 0.01 percent to end at 2,036.65. Taiwan's TAIEX fell 8.17 points or 0.09 percent to end at 9,360.35.

On the other hand, Japan's benchmark index, Nikkei 225 went up 20.18 points or 0.1 percent to settle at 19,273.79.