Yen Falls Despite BoJ Rate Hike, Global Stocks Mixed

Global stocks were mixed on Friday as investors reacted to central bank moves to combat inflation. The yen fell against the dollar despite a Bank of Japan interest rate hike, which was expected by markets.

The Dow Jones Industrial Average closed modestly lower at 51,682.64, while the Nasdaq Composite edged higher at 26,522.56. European bourses retreated, with Frankfurt's DAX down 1.6 percent and London's FTSE 100 down 1.5 percent.

Analysts said investors were relieved that the Federal Reserve is serious about countering inflation, but still worried about geopolitical uncertainty and higher yields.

The Bank of Japan raised interest rates to a three-decade high of 1.25 percent, but the yen sank against the dollar on fears that the pace of hikes might be slower than expected.