Asian stocks followed Wall Street’s rally on Friday as fears of a US recession receded, helping to reverse a steep market sell-off earlier this month. Japan’s benchmark Topix index closed 3 per cent higher, while the tech-heavy Nikkei 225 ended up 4 per cent. Shares in Australia, Hong Kong, Taiwan and South Korea also increased. Euro Stoxx 50 futures were up almost 0.5 per cent and contracts tracking the S&P 500 and Nasdaq 100 were up 0.3 and 0.4 respectively.
Forex traders in Tokyo said some hedge funds had started rebuilding short-term positions in the so-called yen carry trade, in which traders take advantage of Japan’s low interest rates to borrow in yen and buy risky assets. The global sell-off at the beginning of the month was exacerbated by the unwinding of the yen carry trade. “If there are carry trades coming back, they are not positioning on a six-month view, but on a six-hour view,” said a forex analyst in Tokyo.
France Dernières Nouvelles, France Actualités
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