Japan's Nikkei Surpasses 51,000 Mark To Hit Lifetime High As Asian Markets Await Fed Rate Cut

Japan's Nikkei 225 surged over 1 per cent to hit a fresh lifetime high on October 29 leading amid mixed trading across Asian markets ahead of the highly expected US Federal Reserve's second 25 basis points (bps) cut.The Topix index, Tokyo Stock Price Index, witnessed little change, South Korea's Kopsi rose 0.17% and the Kosdaq dipped 0.25%. On the other hand, Australia's S&P/ASX 200 slipped 0.16% and Hong Kong markets remained closed for holidays.Also Read: 'Intense But Productive': Piyush Goyal Wraps Up India–EU FTA TalksMeanwhile, markets are pricing in close to 100% odds that the Fed open Market Committee will deliver another quarter-point reduction, on the heels of September's cut, making the federal funds fall in the range of 3.75%-4.00%.The federal funds rate decided upon by the Federal Open Market Committee, is the rate banks charge one another for overnight lending.While it doesn’t have a direct impact on consumers, the Fed’s rate decisions often influence borrowing costs on mortgages, credit cards, and other loans.