Asian shares turned lower on Thursday after the U.S. Federal Reserve cut interes...
TOKYO - Asian shares turned lower on Thursday after the U.S. Federal Reserve cut interest rates as expected but signaled a higher bar to further policy easings.
The yen rose from a seven-week low versus the dollar and held onto those gains after the Bank of Japan kept policy on hold, as expected, but signaled it could ease next month. “The only problem is a 25 basis-point cut was already expected, and the comments and dot-plot forecasts were not as dovish as the market hoped. I think the Fed will have to cut again. There are still some risks from the yield curve.”
So-called dot-plot forecasts from all 17 policymakers showed even broader disagreement, with seven expecting a third rate cut this year, five seeing the current rate cut as the last for 2019, and five who appeared to have been against even Wednesday’s move.
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