A currency trader stands near the screens showing the Korea Composite Stock Price Index , left, and the foreign exchange rate between U.S. dollar and South Korean won at a foreign exchange dealing room in Seoul, South Korea, Friday, Aug. 25, 2023. Asian shares mostly fell Friday, discouraged by a Wall Street slump that followed a blowout profit report from Nvidia and mixed reports on the U.S. economy.
Japanese inflation eased to 2.9% in August from the previous year, largely because of lower energy prices, according to government data. The consumer price index, excluding fresh food prices, rose 2.8% from the previous year, the gains easing for the first time in two months. Reports on the U.S. economy were mixed. One showed fewer U.S. workers applied for unemployment benefits last week. Another said orders for long-lasting manufactured goods slumped by more last month than economists expected.
The Federal Reserve has already raised its main interest rate to the highest level since 2001 in hopes of grinding down high inflation. High rates work to do that by slowing the entire economy and hurting prices for investments.would prove to be the last of this cycle, after inflation cooled considerably since peaking above 9% last summer. Traders also have made bets for the Fed to begin cutting rates in early 2024.
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