Local shares edged higher for fourth straight trading day while the Philippine peso recovered Thursday as investors took positive cues from Wall Street.
Meanwhile, the yen edged back slightly Thursday after hitting a 38-year low against the dollar, putting investors on alert for a possible intervention by Japanese authorities, while investors awaited US inflation data that could spark another round of volatility. Their determination was put to the test after the yen fell to 160.87 per dollar late Wednesday — its weakest since 1986 — as US Treasury yields spiked.
Billions were pumped in to support the yen after it hit a 34-year low of 160.17 in late April, but with limited effect.
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