Asia stocks rally, bond yields fall as investors assess Fed outlook

TOKYO - Asian equities rallied on Thursday, while bond yields slid, as investors weighed cooling U.S. inflation against a more hawkish posture by the Federal Reserve.

However, investors were whipsawed later as Fed officials trimmed projections for interest rate reductions this year to a single quarter-point cut. "These projections remain hostage to the incoming data, on that front, the May consumer price index was a genuine dovish surprise," said Nick Ferres, chief investment officer at Vantage Point, Singapore.

The Nikkei newspaper reported that the BOJ is likely to debate a reduction in monthly bond purchases at its policy gathering ending Friday, echoing earlier reports from Reuters and other news outlets. The yen was a notable underperformer against the dollar overnight, while most other major currencies registered substantial gains.Meanwhile, the euro held steady at $1.0808 after firming 0.64% overnight.

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