Asian markets offered a muted reaction on Thursday to the passage of U.S. tax cuts as benefits to company bottom lines were already baked into stock prices, while bonds were spooked by the blowout in government debt needed to fund the giveaways.
MSCI’s broadest index of Asia-Pacific shares outside Japan dipped 0.1 percent in thin trade, while Australian stocks lost 0.3 percent.
Japan’s Nikkei eased 0.3 percent, though a softening yen should provide some support to exporters.
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