Stocks rise. The fall of the yen to 1990 lows boosts the Nikkei and the rest of the markets. Waiting for data in the US.
Stocks rise. The fall of the yen to 1990 lows boosts the Nikkei and the rest of the markets. Waiting for data in the US.
Depositphotos
The global stocks rose on wednesdaydriven upward by the rebound in japanese stockswhile the and in fell to its lowest level since 1990, meanwhile, The dollar operated stable in a week shortened by holidayswhich ends with the publication of data on inflation in the United States.
The yen, which has already lost more than 7% in value against the dollar this year, weakened to 151.975 units per dollarprompting an immediate warning from the Japanese finance minister of “decisive action,” a phrase he last used in late 2022, just before monetary authorities intervened to buy the currency.
The yen fell even as the Bank of Japan raised interest rates for the first time in 17 years last week.as traders expect very gradual tightening and possible delays to the Federal Reserve’s long-awaited easing.
The Nikkei closed with a rise of 0.9%, although the rest of the equities recorded a more moderate performance. MSCI’s world stock index was trading steady, as was the European STOXX 600 index. S&P 500 and Nasdaq futures rose 0.3%.
Why the yen falls to its lowest since 1990
He and in It fell on Wednesday to its lowest level since 1990, in the area that prompted the intervention of the Japanese authorities in 2022, prompting the Finance Minister to warn that Japan would take “decisive measures” against excessive movements in the currency.
The dollar briefly rose to 151.97 yen in the Asian session, its highest level against the yen since the mid-1990s, but later fell 0.12% to 151.42 yen.
lJapanese authorities intervened to defend the yen at 151.94 in 2022and Finance Minister Shunichi Suzuki on Wednesday used the same words that preceded that intervention, warning that Japan would take “decisive measures” against excessive movements in the currency.
Source: Ambito
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