Stock market today: Asian benchmarks are mixed as Tokyo slips on strong yen
Japan’s stock index has tumbled and the U.S. dollar sank against the yen after the head of the Federal Reserve suggested a cut to interest rates will come soon. A stronger yen increases purchasing power for Japanese but hurts the profits of exporters like Toyota by eroding the value of their overseas earnings. The Nikkei 225 in Tokyo sank more than 1,000 points earlier in the day and ended trading down 2.5% on Thursday. Big technology stocks drove a rally for U.S. indexes. The S&P 500 jumped 1.6% for its best day in five months. The Dow Jones Industrial Average rose 0.2%, and the Nasdaq composite soared 2.6%.