Shares in Asia have seen a drastic fall after chairman of the US central bank, Jerome Powell, revealed that interest raise will be adjusted until inflation is tackled.

Earlier, he revealed that the US' Federal Reserve's policies will cause "some pain to households and businesses".

Since the adjustment, Japan's Nikkei 225 index on Monday closed 2.7% lower in Tokyo.

Kospi in South Korea and Australia's ASX 200 were both down by around 2%, while the Hang Seng in Hong Kong was 0.8% lower.

Before this development, the main share indexes in New York each fell by more than 3% on Friday.Â

During a highly-anticipated speech at a conference in Jackson Hole, Wyoming, Mr Powell said the Federal Reserve was likely to continue raising interest rates in the coming months and could keep them high "for some time".

He said that, while the hikes would come at a cost to American households and businesses, "a failure to restore price stability would mean far greater pain".

Inflation in the world's largest economy by gross domestic product (GDP) is at a four-decade high.

"Fed Chair Powell went for the jugular, conveying (an) unflinching assault on inflation," Vishnu Varathan, head of economics and strategy at Mizuho Bank, said in a note.

"Justification for this unrelentingly hawkish posture was as plain as it was unequivocal," he added.

Investors are also concerned that the Chinese economy is slowing, Dan Wang, chief economist at Hang Seng Bank China, told the BBC.

"The economic perspective has worsened in China due to prolonged Covid control, which means further policy rate cuts have to take place. Domestic demand is too weak without further rate cuts in China," she said.

China's central bank cut its lending rates earlier this month after economic growth slowed sharply in the second quarter of this year.

Power shortages in the Sichuan province have also hit major manufacturers of cars and smartphones in China.

Over the weekend, official data showed that profits of China industrial firms had fallen by 1.1% from January to July, from a year earlier.

A crisis in the country's property market is also proving to be a major challenge to government efforts to keep the economy growing.