By Chao Deng 

Stocks rose to an eight-month high in Tokyo but retreated in Hong Kong on Thursday, with the prospect of higher U.S. interest rates and a weak Chinese property market in focus.

The Nikkei Stock Average rose 1.1% to 16067.57, the highest level since January, as the U.S. dollar traded at Yen108.66, a new six-year high, compared with Yen107.26 the same time Wednesday. A weaker yen helps Japanese exporters.

In Hong Kong, the Hang Seng fell 0.9% to 24168.72 after data showed that the average price of a new home in China slumped 1.1% in August from the previous month, gaining pace from a 0.89% drop in July. In the property sector, shares of China Resources Land fell 2.8% to HK$17.36. Sino Land declined 2.1% to HK$12.98.

Moves across Asia also followed the U.S. Federal Reserve's statement Wednesday that, with a gradual U.S. recovery on track, it would end its bond-buying program in October as planned. Fed Chairwoman Janet Yellen stopped short of signaling when it might start raising interest rates, but rate projections released by the Fed suggested officials might have a slightly more aggressive plan in mind than previously thought.

"We see potentially financial stress and a rough ride for emerging markets as the Fed starts to move," said Bob Baur, chief global economist at Principal Global Investors. "Now we have China slowing fairly dramatically, the Fed fairly close to doing something, and the U.S. dollar has--to us--made a clear breakout."

In Tokyo, Sony plunged 8.6% to Yen1,940.0 after saying Wednesday that its expected loss this fiscal year was almost five times more than estimated just four months ago. The electronics maker said it expects to post a loss of Yen230 billion ($2.12 billion) in the fiscal year ending in March. It was forced to write down the value of its mobile communications unit after sales of smartphones fell below expectations.

Australian shares recovered from a two-and-a-half month low, having fallen sharply in the lead-up to the Fed's meeting. The benchmark S&P/ASX 200 closed up 0.2% at 5415.8.

The Australian dollar fell again, changing hands at US$0.8945, its lowest since March, compared with US$0.9070 late Wednesday.

National Australia Bank closed up 0.1% at A$33.21, but hit a two-and-a-half month low of A$32.81 during the session, amid uncertainty about the outcome of Scotland's independence vote Thursday. While NAB has said it will seek to register Clydesdale Bank in England if Scotland votes for independence, analysts have questioned whether Clydesdale would enjoy the same level of protection as its larger peers.

Kosaku Narioka, Mia Lamar and Gregor Stuart Hunter contributed to this article.

Write to Chao Deng at Chao.Deng@wsj.com