Asian stocks rallied on Thursday after the US Fed weighed in with a hefty interest rate cut, as it emerged the world’s No1 economy was not doing as badly as everyone thought.
The dollar bounced, long-dated bond yields were up and shares across the region surged after the Federal Reserve announced a 50-basis-point rate cut and flagged a measured easing cycle ahead, leaving open a path to a soft landing for the US economy.
Japan’s Nikkei share average posted its highest closing level in more than two weeks, led by exporters as the yen weakened against the dollar on prospects of slower-than-expected future rate cuts in the US.
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The Nikkei share average rallied 2.13%, or 775.16 points, to close at 37,155.33, its highest close since September 3.
The broader Topix was ahead 2.01%, or 51.50 points, to 2,616.87, with Toyota Motor jumping 5% to…
