Slowing virus, China stimulus hopes support stocks, yen nurses losses

SINGAPORE - Asian stocks edged up on Thursday, supported by a fall in coronavirus cases and expectations of more Chinese stimulus to offset the economic impact of the epidemic, while the Japanese yen nursed heavy losses after suffering its steepest drop in six months.

China is widely expected to cut its benchmark lending rate on Thursday, adding to a slew of fiscal and monetary measures in recent weeks aimed at cushioning the virus’ impact on the economy. The prospect of central bank support and easier money also underpinned bonds, with U.S. Treasury yields steady, with benchmark 10-year yields last at 1.5815%.

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