Stocks in Asia rallied after the Fed opted for an outsized rate cut to ensure a soft landing, while a gauge of regional currencies rose to a 14-month high. The Nikkei 225 climbed more than 2% as the yen slid.

Asian shares were trading mixed Wednesday as markets focused on prospects for the U.S. Federal Reserve’s first cut to interest rates in more than four years. The Bank of Japan and the Bank of England are also holding monetary policy meetings later this week.