Asia stocks wobble on rate cut delays; yen leaps

SINGAPORE - Asian stocks got off to a shaky start on Thursday after the Federal Reserve flagged delays to interest rate cuts, while the dollar fell heavily on the yen in what traders reckoned was Japanese intervention.

The dollar's value fell by almost five yen in 40 minutes of late New York trade to touch 153 yen. It was last at 155.63 yen, having traded around 157.5 before the sudden dive.The move follows sharp yen gains on Monday which Japanese money market data suggested may have been intervention to the tune of some $35 billion in dollar selling.

Earlier the Federal Reserve had left interest rates on hold and chair Jerome Powell told reporters that inflation was too high and progress in bringing it down was uncertain. Ten-year Treasury yields fell 9.3 basis points to 4.591% in New York. Two-year Treasury yields fell 10.7 bps to 4.939%. Much of Asia is returning from a holiday that had closed markets on Wednesday, though Chinese bond, currency and stock markets remain shut through the rest of the week.

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