SINGAPORE - Asian shares and U.S. Treasury yields slid while the Swiss franc and Japanese yen rose on safety bids on Friday after weaker-than-expected U.S. factory data sparked fears of a worsening economic outlook.
MSCI's broadest index of Asia-Pacific shares outside Japan slumped 0.8% in early Asia trade, tracking a sharp selloff on Wall Street. The Nikkei's decline, which puts it on track for an over 3.5% fall for the week, has largely come on the back of sharp yen gains after the Bank of Japan on Wednesday raised interest rates to levels unseen in 15 years and unveiled a detailed plan to slow its massive bond buying.The yen was last 0.15% higher at 149.13 per dollar, hovering near an over four-month high, and was eyeing a 3% gain for the week. Gains in the Japanese currency were further exacerbated by safety flows on Friday.
"Clearly, all the focus now falls on U.S. nonfarm payrolls in the session ahead and Asia-based equity traders will be highly cognizant that they will have to hold positions through the U.S. session with the threat of gapping risk on the Monday open," said Chris Weston, head of research at Pepperstone.
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