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Asian stocks stutter ahead of Fed’s meeting, frail yen in focus

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Traders will closely monitor Fed Chair Jerome Powell’s comments for rate direction and duration clues.

The yen’s critical level could be 152 in the short term, but the trajectory could extend further based on US data and FOMC decisions.

Market focus in Asia though was firmly on the yen in the wake of the Bank of Japan’s decision to tweak its bond yield control policy again on Tuesday, further loosening its grip on long-term interest rates. “Once again market players have been left frustrated by the lack of urgency shown by the BOJ, and either closed yen longs or flipped into outright yen shorts.”

ING economists said the market will likely further test levels above the 150 region now that it has been breached with no official response. Erik Weisman, chief economist and portfolio manager at MFS Investment Management, said the Fed will keep the option of future rate hikes firmly on the table until the labour market cools considerably and inflationary pressures ease.

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