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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Asia stocks slide amid China woes, Japan catches up on chip sell-offBy Kevin Buckland TOKYO (Reuters) - Asian shares sank on Tuesday, as worries about the Chinese property sector weighed on markets from Hong Kong to ...
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Asia stocks slide amid China woes, Japan catches up on chip sell-offAsian shares sank on Tuesday, as worries about the Chinese property sector weighed on markets from Hong Kong to Australia, while Japanese investors sold chip stocks on their return from a holiday-extended weekend. Benchmark U.S. Treasury yields hovered near 16-year peaks and the dollar held close to six-month highs as traders braced for a Federal Reserve rate decision on Wednesday, in a week that also sees policy decisions from the Bank of Japan and Bank of England, among others. Japan's Nikkei tumbled 1.1% under the weight of big losses for chip-related stocks including Tokyo Electron and Advantest.
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Asia Stocks Set for Cautious Start as Fed in Focus: Markets WrapEquity markets in Asia are poised for a muted open after US stocks posted modest losses ahead of the Federal Reserve’s policy decision, with traders betting interest rates will be higher for longer to curb inflation.
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Asia Stocks Face Headwinds From Wall Street Slide: Markets WrapEquity markets in Asia are likely to face selling pressure as worsening risk sentiment drove US stocks to session lows after the Federal Reserve signaled interest rates will be higher for longer.
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Stocks slide ahead of Fed meeting, Instacart IPO: Stock market news todayStocks fell on Tuesday as the Federal Reserve was set to begin its latest policy meeting.
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