Asia stocks buoyant, yen slumps after BOJ talks down rate hikes

Quick Summary:

SYDNEY: Asian share markets extended their rally on Wednesday, led by another bounce in the Nikkei, as the Bank of Japan unexpectedly turned cautious on rate hikes amidst market volatility, which led to a sharp fall in the yen.

Two-year yields climbed back to 4.0116%, from a deep trough of 3.654%, as markets scaled back wagers on an intra-meeting emergency rate cut from the Federal Reserve.

The unravelling of the yen carry trade - where investors borrow yen at low rates to buy higher yielding assets - was a driving force in the market rout, but again seemed to be stabilising.

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Category: EconomyBusiness

Markets: MalaysiaChinaHong KongJapanSouth KoreaTaiwan

Topics: Bank of Japan MSCI Nikkei Hang Seng Markets /Business/Business News Sell-off Asian Yen

Source Website Secure: Yes (HTTPS)

News Sentiment: Neutral

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-08-07 @ 14:40:00 (4 hours ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 685 words

Reading Time: 4 minutes read

Sentences: 22 lines

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Copyright Owner: © The Star

News ID: 21967113

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