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Japan markets roiled by Abe resignation news, stocks choppy after Fed shift

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The yen pulled back from a two-week low and rose to 106.36 against the dollar.

TOKYO/WASHINGTON - Japanese financial markets were roiled in afternoon trade on Friday after news that Japanese Prime Minister Shinzo Abe will resign for health reasons later on in the day.

The 10-year U.S. Treasury yield rose to 0.7870%, the highest since June 10, which caused the yield curve to steepen, reflecting the Fed's tolerance for higher inflation. Markets swirled after Fed Chairman Jerome Powell laid out a policy that aims for 2% inflation on average so that too low a pace would be followed by an effort to lift inflation"moderately above 2% for some time."

"But Powell really didn't reveal much beyond that. Some people who were expecting a clearer steer on policy or some kind of cap on bond yields are left disappointed."

 

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Japan stocks tumble over 2%, safe-haven yen rallies after reports of PM Abe resigningTOKYO (AFP) - Stocks in Japan plunged more than 2 per cent on Friday (Aug 28) after reports said Japanese Prime Minister Shinzo Abe was set to resign owing to health reasons.. Read more at straitstimes.com.
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