Asian shares were trading higher Monday amid optimism over the rally that ended the week on Wall Street, although eyes were on the Federal Reserve policy meeting set for later this week.
Stephen Innes, managing partner at SPI Asset Management, said the market mood was positive after last week’s Wall Street tech-driven rally. The yen reached a new 34-year low after the Bank of Japan’s decision to keep interest rates unchanged Friday. That was in line with expectations, but what was unexpected was the central bank’s apparent lack of significant concern about the exchange rate, Innes added.
But a weak currency can hurt the economy in the long run because it reduces purchasing power and possible wage growth. Japan imports almost all its energy.
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