TOKYO - Asian stocks slumped on Wednesday as a sharp rise in U.S. bond yields unnerved investors ahead of key inflation data that could inform the pace of Federal Reserve policy easing.
Those same expectations had propelled U.S. stocks to record highs, but the rally stalled overnight as bond yields soared. Commodities were broadly weaker as traders worried about the outlook for key consumer China, which stands to bear the brunt of Trump's threatened trade tariffs. Stimulus announcements from Beijing so far have failed to stir much optimism over an economic revival.slid more than 1%, with a subindex of mainland Chinese property stocks slumping 2.5%. Chinese blue chips were slightly lower.and South Korea's Kospi sagged 1.8% and 2.
The dollar edged up to as high as 154.94 yen for the first time since July 30 before last changing hands at 154.88 yen. Technically, if the dollar were to break above 155 yen,"there's a blank space from 155 to 158, so the pair could rise quickly and test 158, where Japan's Ministry of Finance intervened in May," said Shoki Omori, chief Japan desk strategist at- which measures the currency against the yen, euro and four other top rivals - stood at 106.03, not far from Tuesday's high of 106.17, the strongest level since May 1.
The People's Bank of China pulled the yuan off a three-month low versus the dollar by setting a firmer-than-expected official guidance for the exchange rate, signalling growing discomfort over the currency's recent rapid decline.on the London Metal Exchange was down 0.1% at $9,130 per metric ton, and had dipped to $9,107 per ton on Tuesday, its lowest level since Sept. 11.
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