Stock market today: World shares are mostly lower as Tokyo sinks on stronger yen

A television screen on the floor of the New York Stock Exchange, shows the Federal Reserve rate decision, Wednesday, July 31, 2024.– Global markets were mostly lower and Japan’s stock index tumbled Thursday as the U.S. dollar sank against the yen after the head of the Federal Reserve suggested a cut to interest rates will come soon.

In Asian trading, the Nikkei 225 in Tokyo sank more than 1,000 points earlier in the day and ended trading down 2.5% at 38,126.33. “A September cut is now priced in with certainty, and almost three cuts are priced in by the year-end,” said Robert Carnell, regional head of research Asia-Pacific at ING Economics.

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Stock market today: Asian benchmarks are mixed as Tokyo sips on strong yenJapan’s index has plunged, as the U.S. dollar sank against the yen, and regional investors digested the rally on Wall Street that came on hopes U.S. cuts to interest rates will be arriving soon. A strong yen is a plus for Japan’s purchases but hurts the nation’s giant exporters like Toyota by eroding the value of overseas profits.
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