Yen Steady Ahead of BOJ, Asia Stocks Set to Fall: Markets Wrap

-- Stocks in Asia are poised to fall Friday, while the yen traded in a narrow range as markets awaited the outcome of the Bank of Japan’s two-day policy meeting.The Japanese currency hovered around the 157.14 per dollar mark as the central bank is widely expected to consider reducing bond purchases. The policy board will hold its benchmark rate in a range between 0 and 0.1%, according to economists surveyed by Bloomberg.

“The breadth was poor. It was tech that saw all the gains,” said Chris Weston, head of research at Pepperstone Group in Melbourne. “The weights of tech stocks on Asian equity markets is far lower.”Australian yields fell in early trading Friday, tracking Treasuries which saw 10-year yields falling seven basis points to 4.24%. The producer price index unexpectedly declined the most in seven months, adding to evidence that inflationary pressures are moderating.

Elsewhere, the European Union’s bonds got hit as bets they would soon be added to key sovereign benchmarks received a blow, undermining the bloc’s efforts to broaden the appeal of its debt. Heightened political risk in France drove the premium on the nation’s 10-year bonds to the widest since 2017 over German peers. The euro fell as French election worries weigh.

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