Morning Bid: Helter-skelter yen, US tech tonic
Asian stocks should open on Monday buoyed by Friday's tech-led surge on Wall Street, while investors will be scrambling to make sense of the latest twist in the Japanese yen's extraordinary helter-skelter slide against the dollar and other currencies.
Most observers would probably have expected Tokyo to act by now. It last intervened in September and October 2022 when the dollar was around 146.00 and 152.00 yen, respectively. These CFTC figures are for the week through last Tuesday, and the yen has fallen another 2% since then. Looking to the week ahead, the U.S. Federal Reserve's policy decision on Wednesday may tempt FX and other markets to play it safe for the next few days.Highlights from the Asian economic calendar this week include Chinese PMIs, Bank of Korea meeting minutes, inflation from South Korea and Indonesia, and Hong Kong GDP.
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