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Forex – Asian Stocks Struggle As Bond Yields Rise
All major Asian bourses slipped into the red on Friday
Weaker US stocks, higher bond yields and the wait for US payroll numbers all took a toll
The US Dollar was steadier however. Forex – Asian Stocks Struggle As Bond Yields Rise
Bond yields have risen- often sharply- in anticipation of more hawkish developed-market central bank monetary policy, offering yield hungry investors more enticing risk-free choices. Sure enough the Nikkei 225 fell by 0.4%, with the ASX 200 off by nearly 1.1% and all major indexes in the red.
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Foreign-exchange markets were torpid before those US numbers, but the Dollar rose against the Japanese Yen despite news of stronger cash earnings in Japan. However, while wages are rising they continue to do so at a very modest pace. A quarterly report released later found Japanese households ready to believe that consumer price inflation will hit the Bank of Japan’s 2.2% annualized target, but not for twelve months. Australia’s construction sector was revealed to have enjoyed a pretty strong June. Forex – Asian Stocks Struggle As Bond Yields Rise