1. The Fed raised its key rate by 25 basis points to a range of 4.75 percent to 5 percent on Wednesday, lower than a 50 basis points hike forecasted by analysts.

2. The National Assembly on Thursday passed a revised grain management act that obligates the South Korean government to purchase rice when rice production exceeds 3 percent of estimated consumption or when the price drops by more than 5 percent. 

3. South Korea on Thursday decided to drop a complaint it filed with the World Trade Organization against Japan over Japan's export curbs on high-tech materials as Japan started its procedures to put South Korea back onto its “white list”.