Stocks Face Pressure Ahead of Powell as Yen Rises: Markets Wrap

The Japanese currency strengthened as investors parsed comments from Bank of Japan Governor Kazuo Ueda and Finance Minister Shunichi Suzuki about the currency market. Their remarks are in focus after hawkish rhetoric from Ueda helped trigger a massive selloff in global stock markets earlier this month.

The 10-year Treasury yield was steady in Asian trading after rising five basis points Thursday, when the policy-sensitive two-year yield climbed seven basis points, largely reversing the move from the prior session. An index of dollar strength slipped after a Thursday advance. Australian and New Zealand bond yields climbed.

Investors waded through a raft of remarks from US policymakers, with Fed Bank of Kansas City President Jeffrey Schmid saying he wants to see more data before supporting cuts. His Boston counterpart Susan Collins said “a gradual, methodical pace” is likely to be appropriate. Her comments were echoed by Philadelphia Fed President Patrick Harker in a CNBC interview.

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