MANILA, Philippines — Asian shares were mixed on Thursday after days of gains driven by hopes for lower U.S. interest rates, while U.S. futures slipped.

Bitcoin rose more than 3% to a new record of over $123,000, according to CoinDesk.

In Tokyo, the Nikkei 225 fell 1.3% to 42,705.36 as investors sold to lock in recent gains that have taken the benchmark to all-time records.

The Japanese yen rose against the dollar after U.S. Treasury Secretary Scott Bessent said in an interview with Bloomberg that Japan was “behind the curve” in monetary tightening. He was referring to the slow pace of increases in Japan’s near-zero interest rates.

Low interest rates tend to make the yen weaker against the dollar, giving Japanese exporters a cost advantage in overseas sales.

The dollar fell to 146.31 Japanese yen early Thursday, down from 147.39 yen. The euro fell to $1.1703 from $1.1705.

In Chinese markets, Hong Kong’s Hang Seng index shed less than 0.2% to 25,655.26, while the Shanghai composite index added 0.1% to 3,686.07.

South Korea’s Kospi fell less than 0.1% to 3,222.99, while Australia’s S&P ASX 200 index added 0.5% to 8,866.70.

Taiwan’s TAIEX fell 0.5%, while India’s Sensex edged 0.1% higher.

“Asian markets opened today like a party that ran out of champagne before midnight — the music still playing, but the dance floor thinning out,” Stephen Innes of SPI Asset Management said in a commentary.

The futures for the S&P 500 and the Dow Jones Industrial Average were down less than 0.1%.

On Wednesday, U.S. stocks ticked higher, extending a global rally fueled by hopes the Federal Reserve will cut U.S. interest rates.

The S&P 500 rose 0.3% to 6,466.58, coming off its latest all-time high. The Dow climbed 1% to 44,922.27, while the Nasdaq composite added 0.1% to its own record set the day before, closing at 21,713.14.

Treasury yields eased in the bond market in anticipation that the Fed will cut its main interest rate for the first time this year at its next meeting in September. Lower rates can boost investment prices and the economy by making it cheaper for U.S. households and businesses to borrow to buy houses, cars or equipment, though they risk worsening inflation.

Stocks of companies on Wall Street that could benefit most from lower interest rates helped lead the way. PulteGroup climbed 5.4%, and Lennar rose 5.2% as part of a broad rally for homebuilders and others in the housing industry. Lower rates could make mortgages cheaper to get, which could spur more buying.

The cryptocurrency exchange company Bullish ended its debut day of trading after an initial public offering of more than $10 billion with a gain of nearly 84% to $68 a share.

The hopes for lower interest rates are helping to drown out criticism that the U.S. stock market has broadly grown too expensive after its big leap since hitting a low in April.

President Donald Trump has angrily been calling for cuts to help the economy, often insulting the Fed Chair Jerome Powell while doing so.

But the Fed has hesitated of the possibility that Trump’s sweeping higher tariffs could make inflation much worse. Fed officials have said they want to see more fresh data about inflation before moving.

On Thursday, a report will show how bad inflation was at the wholesale level across the United States. Economists expect it to show inflation accelerated a touch to 2.4% in July from 2.3% in June.

In other dealings early Thursday, U.S. benchmark crude rose 35 cents to $63 per barrel. Brent crude, the international standard, added 32 cents to $65.95 per barrel.