Asia shares rise as Fed looms large; yen crumbles below key level
SINGAPORE - Asian stocks got off to a positive start on Monday ahead of the Federal Reserve's policy meeting later in the week, while the dollar broke past the psychologically key level of 160 yen for the first time in decades.
Some analysts attributed the move to thinned liquidity with Japan out for a holiday on Monday, and as traders looked to test the resolve of Japanese authorities in defending the yen. The BOJ had on Friday kept interest rates around zero at the conclusion of its monetary policy meeting and ruled out shifting to a full-fledged reduction in the BOJ's bond purchases, striking a more dovish tone than some had expected.
The Fed's two-day monetary policy meeting beginning Tuesday takes centre stage for the week, where expectations are for the central bank to keep rates on hold. "We've seen quite a significant repricing of rate expectations in the U.S., and that's kind of a benchmark for global interest rates," said Jarrod Kerr, chief economist at Kiwibank.
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