Shares skidded Thursday in Asia after U.S. stocks tumbled to one of their worst days of the year when the Federal Reserve cut its key rate by a quarter of a percentage point to between 4.25% and 4.5%, as expected. Other major central banks have stood pat this week, with the Bank of Japan opting Thursday to keep its benchmark rate at 0.25%. That decision, which was expected, pushed the dollar higher against the Japanese yen.
Asian markets fell, but generally by less than 2%, with Tokyo's Nikkei 225 falling 0.7% to 38,806.70. The dollar was trading at 155.24 yen by midday Thursday, up from 154.79 yen. A weaker yen tends to push prices higher in Japan, which depends heavily on imports, and that in turn raises pressure on the Bank of Japan to raise rates
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