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Stock market today: Asian benchmarks are mixed as Tokyo sips on strong yen

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Tokyo,Japan,General News

Japan’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.

A television screen on the floor of the New York Stock Exchange, shows the Federal Reserve rate decision, Wednesday, July 31, 2024.A bank of television screens on the floor of the New York Stock Exchange, shows Federal Reserve Chairman Jerome Powell, Wednesday, July 31, 2024.A pair of traders work at the post of specialist James Denaro, right, on the floor of the New York Stock Exchange, Wednesday, July 31, 2024.

Japan’s benchmark Nikkei 225 dipped 2.5% to 38,126.33. Australia’s S&P/ASX 200 edged up 0.3% to 8,114.70. South Korea’s Kospi rose 0.3% to 2,777.68. Hong Kong’s Hang Seng slipped less than 0.1% to 17,340.31, while the Shanghai Composite lost 0.2% to2,933.81. “We think that the time is approaching,” Powell said. “And if we do get the data that we hope we get, then a reduction in our policy rate could be on the table at the September meeting.”

Such criticism hasn’t gone away, and Microsoft fell 1.1% despite reporting profit and revenue for the latest quarter thatStronger-than-expected profit reports from companies outside the Magnificent Seven also helped lift the market. They helped offset a 3% drop for Altria Group after the maker of cigarettes and smoke-free products fell short of expectations for profit and revenue in its latest quarter.

 

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