Stock market today: Asian shares are mostly higher after the Dow hits a record high, US dollar falls

Shares are mostly higher in Asia after a powerful rally across Wall Street sent the Dow Jones Industrial Average to a record high as the Federal Reserve indicated that interest rate cuts are likely next year. Tokyo's Nikkei 225 fell as the yen gained sharply against the U.S. dollar. But a weaker dollar can hit the profits of Japanese exporters. On Wednesday, the Dow jumped 512 points, or 1.4%, to top 37,000. The S&P 500 rose 1.4% to within reach of its own record. The Nasdaq composite also gained 1.4%. Wall Street loves lower rates because they relax pressure on the economy and goose prices for all kinds of investments.