(fxcue news) - Asian stocks rose broadly on Thursday after the U.S. Federal Reserve announced a larger-than-usual 50-bps reduction in borrowing costs and signaled further easing in the months ahead, reflecting its new focus on bolstering the job market. The dollar bounced back and long-dated bond yields rose while gold hovered near a record high. Oil prices rebounded despite lingering concerns over global demand. China's Shanghai Composite index climbed 0.69 percent to 2,736.02 while Hong Kong's Hang Seng index soared 2 percent to close at 18,013.16. The Hong Kong Monetary Authority today cut its base interest rate for the first time since 2020 after the Federal Reserve eased policy. Japanese markets logged strong gains as the yen slumped against the dollar and investors braced for a Bank of Japan policy meeting on Friday. The central bank is expected to stand pat on rates, with attention likely to remain focused on Governor Ueda's remarks. The Nikkei average jumped 2.13 percent to 37,155.33, with exporters such as automakers and electronics makers leading the surge. The broader Topix index settled 2.01 percent higher at 2,616.87. Seoul stocks edged up slightly, with the Kospi average finishing up 0.21 percent at 2,580.80, led by automakers. Hyundai Motor surged 3.8 percent and its affiliate Kia Corp advanced 3 percent. Memory chipmaker SK Hynix plummeted 6.1 percent after Morgan Stanley sharply cut its target price on the stock, warning the DRAM and high-bandwidth memory (HBM) market would enter a downturn next year due to softening demand and oversupply. Samsung Electronics lost a little over 2 percent. Australian markets hit a new high, with mining and energy stocks leading the surge following the FOMC's big rate cut. The benchmark S&P/ASX 200 gained 0.61 percent to close at 8,191.90 while the broader All Ordinaries index edged up 0.63 percent to 8,417. Across the Tasman, New Zealand's benchmark S&P/nZX-50 index rose 0.62 percent to 12,665 after data showed the country's economy shrank in the second quarter, leaving room for rate cuts. U.S. stocks fluctuated before ending in the red overnight and the dollar dropped after the Fed announced a whopping 50 bps rate cut to keep the labor market from slowing too much. Citing lower inflation, policymakers projected an extra half-point of cuts by the end of this year and a further percentage point of cuts in 2025, cautioning that the central bank would proceed carefully and evaluate the matter "meeting by meeting." The Dow and the S&P 500 reached new record intraday highs before ending down about 0.3 percent each for the day. The tech-heavy Nasdaq Composite also slipped 0.3 percent.