HONG KONG - Equities mostly fell on Friday while the dollar maintained gains against its peers as investors assessed the fallout from the Federal Reserve's revised outlook for interest rate cuts and prepared for a second Donald Trump presidency.
Data showing Japanese inflation rose more than expected last month did little to help the yen, which took a hefty hit from the US central bank's more hawkish tilt and the Bank of Japan's refusal to tighten monetary policy.
Traders are now awaiting the release later in the day of data on US personal consumption expenditure -- the Fed's preferred gauge of inflation and the last major piece of data for the year.
Wall Street provided a meek lead, having squandered an early bounce from Wednesday's plunge that was sparked by the Fed's changed rate forecast, with sentiment weighed by a jump in Treasury yields to their highest level since May.
Asia also struggled to recover from the previous day's losses.
Tokyo, Shanghai, Sydney, Singapore, Seoul, Taipei, Mumbai and Bangkok all fell, though Hong Kong, Wellington, Jakarta and Manila edged up.
US monetary policymakers on Wednesday cut rates as expected, but their closely watched "dot pot" guidance on future moves showed they saw two reductions next year, compared with four previously targeted.
Data showing a forecast-topping rise in US economic growth and consumer spending did little to ease concerns that the Fed will keep borrowing costs higher for longer.