Stocks gain, dollar softens as peak inflation bets rise

A man wearing a protective mask walks past the headquarters of the Bank of Japan in Tokyo, Japan. File photo: REUTERS/KIM KYUNG-HOON

The yen rose about 0.4% to 131.99 per dollar. It had surged to a four-month high of 130.58 on Tuesday after the BOJ decided to allow the 10-year bond yield to move 50 basis points either side of its 0% target, wider than the previous 25 basis point band. While the US Federal Reserve raised its main interest rate by 50 basis points in its seventh hike of the year in December, money managers are expecting the world's most influential central bank to soften its stance as inflation ebbs lower.

Europe's Stoxx 600 share index rose 0.3%, putting it on course for a near 2% weekly gain, though it remains on track for a double-digit annual loss.

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