A man using his mobile phone is silhouetted against a stock quotation board outside a brokerage firm in Tokyo February 21, 2006. — Reuters pic
Tokyo’s Nikkei rallied 1.4 per cent aided by news Warren Buffett’s Berkshire Hathaway had bought more than 5 per cent stakes in each of the five leading Japanese trading companies. The next event of note in Asia will be China’s official manufacturing PMI survey for August which is forecast to show a slight improvement to 51.2 as the recovery there continues.
Fed Chair Jerome Powell boosted stock markets last week by committing to keep inflation at 2 per cent on average, allowing prices to run hotter to balance periods when they undershot. That shift was of little benefit to the US dollar given the prospect of short rates staying super-low for longer, and the currency fell broadly.
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