Asia stocks rise on rate cut wagers, yen wallows at 38-year lows

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SINGAPORE: Asian stocks rose on Wednesday as comments from Federal Reserve Chair Jerome Powell reinforced expectations that U.S.rate cuts were not far off, while the yen struggled at levels last seen in 1986, keeping traders wary of Japanese intervention.

The yen has dropped more than 12% against the dollar this year, hurt by the wide gap between interest rates in the U.S.and Japan.

"I thought Powell was pretty balanced - the U.S.is on the right path, but more data is needed," said Ben Bennett, Asia-Pacific investment strategist at Legal and General Investment Management.

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Category: EconomyBusiness

Markets: MalaysiaChinaFranceHong KongJapanSingapore

Topics: /Business/Business News Interest rate Federal Reserve MSCI Nikkei Asian Markets

Source Website Secure: Yes (HTTPS)

News Sentiment: Negative

Fact Checked: Legitimate

Article Type: News Report

Published On: 2024-07-03 @ 14:05:00 (2 days ago)

News Timezone: GMT +8:00

News Source URL: thestar.com.my

Language: English

Article Length: 728 words

Reading Time: 5 minutes read

Sentences: 25 lines

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Copyright Owner: © The Star

News ID: 21468598

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