The euro sank to a 20-year low of US$0.9810 after Russia ordered the mobilisation of reserve troops in an escalation of the war in Ukraine.
Japan's Nikkei fell 1 per cent. Hang Seng futures were flat, though the Golden Dragon index of US-listed Chinese shares took a beating and fell 5.9 per cent overnight. "The Fed is not going to stop any time soon and there's going to be an extended period of restrictive monetary policy for at least the next year or so," said Sally Auld, chief investment officer at wealth manager JB Were in Sydney.
The two-year yield rose as high as 4.1230 per cent and was last at 4.0848 per cent, while the 10-year yield fell 6 bps to 3.5120 per cent. However, even if no policy changes occur, there will be intense focus on Governor Haruhiko Kuroda's views on the yen's precipitous slide, as growing discomfort could hint at policy changes and dovishness could unleash further yen selling.
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