Asia shares eye five-month winning streak; yen buckles under dollar strength

SINGAPORE - Asian stocks were headed for a fifth straight month of gains on Friday, bolstered by the growing view that cooling inflation in the United States would allow the Federal Reserve to ease rates later this year.

MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.06% early in the Asian session, and was on track to gain some 3.2% for the month, its best performance since February. In currencies, the yen continued to languish near a 38-year low on the weaker side of 160 per dollar, leaving markets on alert for any intervention from Japanese authorities to prop up the currency.

Tokyo spent 9.79 trillion yen at the end of April and in early May to push the yen up 5% from its then 34-year low of 160.245.

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