Hong Kong, Sydney, Singapore, Seoul, Wellington, Taipei, Mumbai, and Bangkok were in the green
HONG KONG – Asian markets mostly rose on Friday while the yen sat around nine-month highs and gold hit a record after another healthy day on Wall Street as investors gear up for an expected US interest rate cut next week.
Having slashed rates in the early months of the pandemic, the Fed began hiking in 2022 as inflation started to take hold, and they kept lifting until rates hit a two-decade high. However, when volatile food and energy components were stripped out, they were up 0.3 percent, topping forecasts. "With inflation concerns receding and the labour market having rebalanced, the Fed’s current stance of monetary policy is too restrictive," said Xiao Cui at Pictet Wealth Management.
The Japanese unit has rallied strongly since touching almost 162 in July, which caused authorities to spend billions to prop it up.
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