Asian markets track Wall Street

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Asian markets track Wall Street
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HONG KONG — Asian markets built Friday on the latest global rally after a jumbo US interest rate cut this week, while the yen edged up after the Bank of Japan (BoJ) decided against another hike.

HONG KONG — Asian markets built Friday on the latest global rally after a jumbo US interest rate cut this week, while the yen edged up after the Bank of Japan decided against another hike.Traders have been put in a bullish mood by the Federal Reserve's decision to go big on its first reduction since the start of the Covid pandemic — opting for 50 basis points instead of 25 — and pledging more would come.

The move had been widely expected after a hike at its previous gathering, but investors will now be poring over the bank's statement and comments from boss Kazuo Ueda hoping for guidance on its near-term plans.The BoJ began to move away from its long-running policy of ultralow rates in March — the first increase in 17 years — but a second increase in July sent shockwaves through markets.

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