Asian stocks hit 2-year top, Nikkei bounces as Berkshire buys in

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SYDNEY: Asian shares notched a fresh two-year high on Monday as investors wagered monetary and fiscal policies globally would stay super stimulatory for a protracted period, keeping the safe-haven dollar on the defensive.

MSCI's broadest index of Asia-Pacific shares outside Japan added 0.2% to reach its highest since June 2018, extending a 2.8% rise last week.

Those concerns were eased somewhat by news Chief Cabinet Secretary Yoshihide Suga, and a close ally of Abe, would join the race to succeed his boss. A slimmed-down leadership contest is likely around Sept. 13 to 15. A host of Federal Reserve officials are set to speak this week, kicking off with Vice Chair Richard Clarida later Monday as they put more flesh on the bank's new policy framework

Yields on 30-year bonds jumped almost 16 basis points last week to stand at 1.508%, 137 basis points above the two-year yield. The spread was now approaching the June gap of 146 basis points which was the largest since late 2017.

 

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