Asian stocks mixed after Wall Street rallies as 'time has come' for rate cuts

Asian stocks are mixed after U.S. stocks rallied close to their records on the expectation the Federal Reserve will start cutting interest rates soon to help the economy. U.S. futures edged lower. Oil prices rose Monday. On Friday, Fed Chair Jerome Powell said the time had come to lower the main interest rate from a two-decade high. The dovish stance lifted the yen against the dollar, and the dollar-yen rate fell 0.30%. Japan’s benchmark Nikkei 225 slipped 1.1% in morning trading due to the stronger currency. Hong Kong’s Hang Seng index added 1.0% while the Shanghai Composite index dipped 0.1%. Australia’s S&P/ASX 200 rose 0.7% and South Korea’s Kospi shed 0.2%.