Fed policy makers held their benchmark rate unchanged but kept the door open for another hike this year in comments that dragged down US stocks and pushed Treasury yields higher. Those moves are set to reverberate across Asia and heighten the focus on Friday’s Bank of Japan meeting, according to commentary from the region.John Vail, chief global strategist at Nikko Asset Management Co. in Tokyo:
“The yen weakened only moderately, as despite Janet Yellen’s commentary on Tuesday, Japan’s Ministry of Finance is likely to intervene in large fashion at 150 per dollar because it is hard to tolerate more inflationary pressure.”“Asian currencies and stocks, especially tech names, will be pressured by a hawkish Fed. It’s almost unimaginable that anything vaguely techy can thrive in an environment where the US two-year yield is around 5.2%.
“In contrast, we had strength in the traditional defensive equity sectors, such as utilities and health care, so there is clearly some growing risk aversion.”BOJ Governor Kazuo Ueda is unlikely to give strong guidance at Friday’s meeting, so “USD/JPY can therefore rise further if markets push back their expectations of BOJ tightening.”
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