A man walks past an electric screen displaying the current Japanese Yen exchange rate against the U.S. dollar outside a brokerage in TokyoSINGAPORE - Asian stocks were subdued on Wednesday after lacklustre earnings from U.S. tech behemoths Tesla and Alphabet dented sentiment, while the yen hit a six-week high ahead of a central bank meeting next week where a rate hike remains on the table.
"It also speaks to concerns that tech stocks are too richly valued here. We will have to see how the other tech giants report and how the markets react." Markets are pricing in 62 basis points of easing this year, with a cut in September priced in at 95%, the CME FedWatch tool showed.A growing majority of economists in a Reuters poll said the Fed will likely cut rates just twice this year, in September and December, as resilient U.S. consumer demand warrants a cautious approach despite easing inflation.
The bouts of intervention have led speculators to unwound popular and profitable carry trades, in which traders borrow the yen at low rates to invest in dollar-priced assets for a higher return.
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