Asian markets track Wall Street record to extend global rally
Asian markets rose Friday to build on the latest global rally after a jumbo US interest rate cut this week, while the yen reversed earlier gains after the Bank of Japan decided against another hike.
Traders have been put in a bullish mood by the Federal Reserve's decision to go big on its first reduction since the start of the Covid pandemic — opting for 50 basis points instead of 25 — and pledging more would come.
There had been fears the move could signal officials were worried about the economy and were behind the curve in easing policy, but data Thursday showing jobless claims at their lowest since May suggested the United States was heading for a soft landing, rather than recession.
After a muted initial reaction to the Fed cut, Wall Street bounded higher Thursday, with the S&P 500 and Dow hitting new records and the Nasdaq piling on more than two percent.
Asia continued the run, extending the previous day's advances.
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