Calling Chard: asparagus and leek risotto with chicken | SaltWireSINGAPORE - Asian stocks fell on Thursday as disappointing earnings forecasts from Facebook parent Meta Platforms hammered tech shares, while the yen's slump past 155 per dollar for the first time since 1990 raised the spectre of intervention from Tokyo.
In an earnings-packed week, the tech bellwethers are in the spotlight, with Alphabet, Microsoft and Intel due to report later on Thursday. Beyond corporate earnings, investor focus will be on the first quarter U.S. gross domestic product data on Thursday and personal consumption expenditures, the Fed's preferred inflation gauge, for March on Friday.
The shifting expectations of U.S. rates have lifted Treasury yields and the dollar, casting a shadow on the currency market. Against a basket of currencies, the dollar was little changed at 105.75. The index is up over 4% this year. The Bank of Japan has started its two-day rate-setting meeting on Thursday to discuss monetary policy, with expectations that the central bank will keep its short-term interest rate target unchanged.
Kieran Williams, head of Asia FX at InTouch Capital Markets, said the dollar/yen pair looks to be trading roughly in line with relative interest rate spreads, suggesting the Ministry of Finance would be fighting strong headwinds.