Asia stocks, yen tentative with eyes on BOJ decision

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Kazuo Ueda,Expected Inflation,RBC Capital Markets

Asian shares rose cautiously on Friday as markets sobered up to the idea that U.S. rate cuts were most likely some time away, while the yen and Japanese...

SINGAPORE - Asian shares rose cautiously on Friday as markets sobered up to the idea that U.S. rate cuts were most likely some time away, while the yen and Japanese government bonds struggled ahead of a closely watched policy decision by the Bank of Japan.

Other yields across the curve also notched fresh milestones, with some hitting multi-year peaks. Bond yields move inversely to prices. That comes as the yen has been battered by a resurgent dollar, even after the BOJ's landmark exit from negative rates last month. Aggressive jawboning from Japanese authorities has also done little to stem the yen's decline, leaving traders on alert for any signs of intervention from Tokyo.

U.S. Treasury yields surged to five-month highs in the previous session and remained elevated in Asia. The dollar, however, slipped on the back of the weaker U.S. growth, and was nursing some of those losses on Friday. "We don't think inflation will give the Fed reason to tighten," said James Reilly, a markets economist at Capital Economics.

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