Japanese stocks head for best week in four years as receding growth fears lift markets

A person walks in front of an electronic stock board showing Japan's Nikkei index at a securities firm in Tokyo, on July 16, 2024.Asia shares were headed for a weekly gain on Friday and Japan’s benchmark Nikkei was poised for its best week in over four years as upbeat risk sentiment spilled over from Wall Street, while the dollar and U.S. Treasury yields held broadly steady.

“While the risk of a recession in the U.S. has increased a little, there are few signs of a more substantial crisis brewing.” “The totality of data tells us disinflation is continuing and the Fed is almost certain to cut rates in September by 25bps,” said David Chao, Invesco’s global market strategist for Asia Pacific ex-Japan.

The Swiss franc, which also surged last week on the back of a flight to safety, was little changed at 0.8716 per dollar and looked set to lose 0.7 per cent for the week.

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