Asia stocks rise as Fed tamps down hike fears; yen leaps

SINGAPORE -Asian stocks and U.S. futures rose on Thursday after the Federal Reserve downplayed risks of an interest rate hike, while the yen was bumpy after another burst of suspected intervention from Japan.

It was the second sudden leap in the ailing Japanese currency this week and markets suspect it was authorities stepping in as yen-buyers. The yen traded as strong as 153 to the dollar before sliding back to around 156 in Asia.rose 0.5%, pointing to the cash market recouping a late slide on Wall Street. MSCI's broadest index of Asia-Pacific shares outside Japan climbed 0.7%, led by a 2% surge in Hong Kong.

"The key takeaway is the Fed still thinks it's much more likely the next move is a cut, than a hike, and the door is very much open," said Ray Attrill, head of foreign exchange strategy at National Australia Bank results, where markets have braced for a big drop in sales and are waiting to hear of the company's plans for AI in iPhones.

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