Asian markets mostly down as Fed rate-cut rally fades

Asian markets fell Monday as traders took a step back following last week’s rally, with Federal Reserve officials looking to temper expectations the US central bank will cut interest rates several times next year.

Investors are also keeping tabs on the Bank of Japan’s meeting this week, though recent speculation that it will shift away from its ultra-loose monetary policy has faded, with observers tipping a move in the new year.

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