HONG KONG (CNNMoney)
Japan's Nikkei dropped 2.5%, while Hong Kong's Hang Seng shed 0.5% and Australia ASX All Ordinaries lost 0.8%.
The Shanghai Composite, which often diverges from other Asian markets, advanced 0.6%.
Investors have been rattled in recent weeks by growing fragility in Turkey, India, Brazil, Indonesia and South Africa as the Federal Reserve rolls back the bond-buying program that has supported growth in emerging markets. Weakness in China's all-important manufacturing sector has only added to worries.
Emerging market currencies have suffered a broad decline, and even drastic efforts to control the situation appear to be falling short.
On Tuesday, Turkey's central bank increased its key overnight lending rate to 12% from 7.75%.The Turkish lira fell further Wednesday.
In addition to Turkey, India and South Africa have raised rates this week to stabilize shaky currencies. The Argentinian peso has been in free fall since Argentina's government moved to devalue the currency last week.
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Many emerging markets have benefited over the past few years as the Fed and other central banks have pumped money into the global economy.
But investors have been pulling out of emerging markets this year now that the Fed has begun to scale back its bond buying. The central bank said Wednesday that it would reduce its bond-buying program to $65 billion a month from $75 billion.
The bet is that higher rates in the U.S. and a stronger dollar will make emerging market investments far less attractive. 
First Published: January 29, 2014: 9:56 PM ET
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