HONG KONG – Asian markets were mixed after Federal Reserve officials looked to dampen expectations for a series of interest rate cuts next year, while the yen edged up ahead of a closely watched Bank of Japan policy decision later in the day.
Wall Street extended its seemingly relentless advance, fuelled by the US central bank’s dovish pivot last week, but investors in Asia were a little more reticent as they assess the economic outlook for the region.
Since the Fed released its “dot plot” forecast for rates, officials have in recent days lined up to temper market predictions that it will slash borrowing costs by up to 1.5 percentage points through 2024.
In early trade, Hong Kong, Shanghai, Singapore, Seoul and Taipei fell.
But stocks were up in Tokyo, where Nippon Steel lost more than four percent after saying Monday it would buy US Steel for $14.1 billion, creating the world’s second-largest steel company.
Sydney, Wellington, Manila and Jakarta also edged up.
Eyes are now on the Bank of Japan as it concludes a two-day meeting.
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