TOKYO - Asian equities were in a subdued mood on Friday as investors pondered the path for Federal Reserve interest rate cuts amid a murky U.S. inflation outlook.
The dollar hung near a five-month high following a nearly 1% gain this week against a basket of major peers. Markets now expect fewer than two quarter point reductions to the Fed funds rate this year, below the three cuts Fed officials had pencilled in last month, after rushing to trim easing bets following Wednesday's CPI shock.
Tech shares led the way, drawing inspiration from a rally in U.S. peers overnight. Gains for the index would have been even bigger but for the steep slide in shares of heavily weighted Fast Retailing, owner of the Uniqlo chain, following disappointing earnings.slipped 0.39% and Singapore's Straits Times Index was off 0.12%. Central banks in both countries opted to keep policy unchanged on Friday.MSCI's broadest index of Asia-Pacific shares outside Japan slipped 0.
The climb in yields supported the dollar as it pushed to a 34-year high of 153.32 yen on Thursday. It last changed hands at 153.105 yen, spurring fresh intervention warnings from Japan's finance minister., which measures the currency against the yen, euro and four other peers, traded at 105.26, after reaching the highest since Nov. 14 at 105.53 overnight. It has jumped 0.95% this week.
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