Stocks hit by tech slide; yen flails at intervention zone

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Stocks hit by tech slide; yen flails at intervention zone

) 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.

A hotter-than-expected consumer price inflation report for March pushed back expectations of when the Fed will begin cutting interest rates, with markets pricing in a 70% chance of the first cut coming in September, CME FedWatch Tool showed. The yen, which is sensitive to U.S. Treasury yields, has felt the brunt of the dollar's ascent and is down 9% this year, the worst performing G-10 currency.

Attention will be on BOJ Governor Kazuo Ueda's comments on Friday as he tries to maintain a calibrated path to exiting ultra-easy rates without upending the currency. 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 Japan's Ministry of Finance would be fighting strong headwinds.

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