Asian stocks fell as volatility gripped global markets from an escalation in tensions in the Middle East, driving oil and gold to further advances.
Oil traded over the $90-a-barrel mark and gold approached the $2,000-an-ounce level following a report US bases in Iraq and Syria were targeted in drone attacks. Investors were also on edge after an American destroyer in the Red Sea intercepted cruise missiles and drones fired toward Israel by Houthi rebels in Yemen.
Currency markets remain on tenterhooks as Japan’s finance minister Shunichi Suzuki said it was important the yen moved stably and in line with fundamentals, just as the currency approached 150 per dollar. Eyes will also be focused on unscheduled Bank of Japan bond buying operations should the 10-year yield reach 0.85%. Earlier, markets largely shrugged off Japan’s inflation that slid below 3% for the first time in more than a year.
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