BANGKOK (AP) — Shares were mixed in Asia on Thursday after a lackluster finish on Wall Street following a report showing an uptick last month in inflation in the U.S.

The dollar was trading at 156 Japanese yen, up from 155.49 yen, reflecting expectations that the dollar will gain against other currencies under the policies anticipated with the incoming administration of President-elect Donald Trump.

Japan’s Nikkei 225 index edged less than 0.1% higher, to 38,754.50 and the Kospi in South Korea advanced 0.5% to 2,429.23. Australia’s S&P/ASX 200 gained 0.4% to 8,223.20.

Chinese markets declined, with the Hang Seng in Hong Kong falling 0.9% to 19,649.91. The Shanghai Composite index lost 0.3% to 3,428.37.

Bangkok’s SET lost 0.2% and Taiwan’s Taiex fell 0.5%, while the Sensex in India edged 0.1% higher.

A stronger dollar tends to put strain on other economies, noted Stephen Innes of Capital Economics. The Thai baht has also weakened against the dollar since the U.S. election, as has the Chinese yuan, or renminbi, which now stands at 7.2245 per dollar and was trading at about 7 yuan per dollar in early October.

“For Asia, particularly those economies closely linked to China, the dollar’s dominance is poised to become an economic wrecking ball,” he said in a commentary. “Countries with hefty USD-denominated debt are bracing for impact,” he added.

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On Wednesday, U.S. stocks drifted to a mixed finish after the latest inflation update boosted hopes that a cut to interest rates next month will bring more help for the economy.

The S&P 500 was nearly unchanged, gaining 1.39 points to 5,985.38, up less than 0.1%. It was its first loss since a big rally erupted after the Nov. 5 Election Day. The Dow Jones Industrial Average added 0.1% to 43,958.19, and the Nasdaq composite slipped 0.3% to 19,230.74.

U.S. consumer inflation accelerated in October to 2.6% from 2.4%, but an underlying measure called “core inflation” did not rise. Such core inflation can be a better predictor of future trends, economists say, so the figures added to expectations for more help from the Federal Reserve.

The Fed began cutting interest rates from their two-decade high in September to keep the job market hummin g after bringing inflation nearly all the way down to its target of 2%. It cut again earlier this month, and traders now see an improved probability of roughly 80% for a third cut at its meeting next month, according to data from CME Group.

Those expectations sent the yield for the two-year Treasury down to 4.27% from 4.34% late Tuesday. The yield on the 10-year Treasury, which also takes future economic growth more into account, rose to 4.45%, up from 4.43% late Tuesday.

But T rump’s victory in the presidential election has raised uncertainty over the Fed’s future course. Economists say his preferences for lower tax rates, higher tariffs and less regulation could ultimately lead to higher U.S. government debt and inflation, but also bring faster economic growth.

While lower interest rates can give a boost to the economy and to prices for investments, they can also fuel inflation.

Rivian Automotive jumped 13.7% after the electric-vehicle company gave more details about a joint venture it’s entering with Volkswagen Group that they had previously announced. The deal’s total size could be worth up to $5.8 billion, which is more than the $5 billion the companies had previously said.

Spirit Airlines’ stock lost 59.3% after it said in a regulatory filing that it’s trying to work out a deal to renegotiate the repayment of its debt that might wipe out the company’s stockholders, but could protect employees and customers.

In the crypto market, bitcoin was tracing at $90,300 after crossing above $93,000 as cryptocurrencies generally soared. Trump has embraced cryptocurrencies, pledging to make the U.S. the crypto capital of the world.

Dogecoin, a cryptocurrency that’s been a favorite of Tesla’s Elon Musk, also gave up some of its gain from earlier in the day. Trump named Musk as one of the heads of a “Department of Government Efficiency,” or DOGE for short.

In other dealings early Thursday, U.S. benchmark crude oil shed 37 cents to $68.06 per barrel in electronic trading on the New York Mercantile Exchange. Brent crude, the international standard, gave up 29 cents to $71.99 per barrel.

The euro fell to $1.0548 from $1.0587.

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AP Business Writer Stan Choe contributed.

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