Yen steady, Asian stocks weak as wild week winds down

A man walks past an electric screen displaying the current Japanese Yen exchange rate against the U.S. dollar outside a brokerage in TokyoTOKYO - The yen stabilized near a 12-week high against the dollar on Friday while Asia-Pacific equity markets remained on the back foot a day after their worst session since mid-April.

However, some markets rebounded, with Hong Kong's Hang Seng up 0.74% and Australia's benchmark adding 0.85%. Friday's release of the PCE deflator, one of the Fed's preferred price gauges, will be "the next test, and arguably climax to the week's trade," said Kyle Rodda, a senior market analyst at Capital.com.

Safe-haven demand for the yen cooled overnight, and an unwinding of long-held bearish bets lost steam after the Japanese currency gained 2.4% this week against the dollar, putting it on track for its best performance since late April.The dollar last traded 0.28% lower at 153.525 yen, after dropping as low as 151.945 on Thursday for the first time since May 3, and then springing back by the end of the trading day.

Markets see only a slight chance for a Fed rate cut of at least 25 bps next week but are fully pricing in a September reduction, according to CME's FedWatch Tool.

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