Asian stocks climbed into the black after an upbeat reading on U.S. consumers cheered Wall Street investors, while the yen added to its recent massive gains as Japanese bond yields shifted into a new higher range. | Reuters
MSCI’s broadest index of Asia-Pacific shares outside Japan firmed 1.1 percent, while Chinese blue chips rose 0.75 percent.
Investors continue to grapple with the ramifications of the Bank of Japan’s shock decision to allow JGB yields to rise this week, leading many to assume an outright tightening of policy is only a matter of time. “The jump in yields and the further strengthening of the yen will lower the value of assets owned by Japanese investors,” noted analysts at Capital Economics.
Capital also now expects the dollar to drop toward 125 yen next year. The dollar was already down at 131.93 yen, having shed 3.5 percent for the week so far, though it had found some support around 130.40.The euro had also lost 3.6 percent on the yen for the week at 140.11. With all the action in the yen, the euro was a shade firmer on the dollar at $1.0622.
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