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 the Bank of Japan might cap a busy week by charting a course out of its ultra-easy monetary policy.
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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