By Tom Westbrook SINGAPORE - Stocks and bonds were under pressure on Friday as investors hunkered down for U.S. interest rates to stay higher for longer, while waiting to see whether theCountering the culture war with education and empathy | SaltWire #TransRights #HalifaxProtestSINGAPORE - Stocks and bonds were under pressure on Friday as investors hunkered down for U.S.
The yen bounced off an 11-month low of 148.46 per dollar to trade at 147.63 and 10-year Japanese government bond yields stood at a decade high of 0.745%. [JP/]The S&P 500 dropped 1.6% overnight and is down 2.7% in a week when policymakers were at pains to sound hawkish, even if a peak in rates is near.
Central banks in Sweden and Norway announced 25 basis-point hikes with the prospect of more to come and the Swiss National Bank surprised investors with a hold on rates, sending the franc down about 0.7% on the dollar and 0.6% on the euro.
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Asia stocks at 10-month low as traders brace for BOJStocks and bonds were under pressure on Friday as investors hunkered down for U.S. interest rates to stay higher for longer, while waiting to see whether the Bank of Japan might cap a busy week by charting a course out of its ultra-easy monetary policy. No policy change is expected in Japan but with inflation above-target for 17 months in a row, traders are speculating that Governor Kazuo Ueda might provide some forward guidance on future hikes, or address the sliding yen's role in price rises. Japan's Nikkei fell 1%.
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Asia Stocks to Follow US Slump With Focus on BOJ: Markets WrapEquity markets in Asia are poised to gap lower after US stocks suffered the biggest drop in six months.
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