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Stocks up on US rate hopes, yen holds gains amid intervention talk

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Asian markets mostly rose Friday after a largely negative day on Wall Street despite growing confidence of a US interest rate cut, while the yen saw big swings as speculation swirled that Japan had stepped into forex markets to support the currency.

Pedestrians walk past an electronic board displaying the numbers of the Tokyo Stock Exchange share price in Tokyo on June 17, 2024. Tokyo stocks opened lower on June 17 as a higher yen and falls in two of the three main US indexes weighed on the market.HONG KONG, China —

On Thursday, San Francisco Fed chief Mary Daly said: "I do think with the incoming information on inflation, growth and the labour market, some policy adjustments are likely to be warranted." "The pronounced move in the yen appears to be coming on the back of combined impact from US inflation and intervention by Japanese authorities," Charu Chanana, at Saxo Markets, told AFP.

The Bank of Japan has "been pretty smart here... pushing on an open door rather than the idea that they would just intervene and do anything other than just gift speculators the opportunity to resell the yen at better levels". Online market platform SariSuki and ACEN Corp. of the Ayala Group have partnered to boost farmers’ yields by 50 percent...

 

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