Shares climbed 1% in Japan, reversed their advance in South Korea and swung between gains and losses in Hong Kong and Australia. The dollar was little changed near its high for the year and Treasury yields remained elevated, though fractionally lower than Wednesday.
Japan’s benchmark 10-year bond yield hovered just below the 0.5% ceiling set by the Bank of Japan amid pressure on the yield-curve control programme, and as governor Haruhiko Kuroda began his last two-day policy meeting. The offshore yuan weakened slightly while remaining short of the 7 level versus the dollar after China reported a slowdown in consumer inflation and a drop in factory prices.
Friday’s jobs report will be scrutinised for hints on the outlook for Fed policy, with even slightly stronger-than-forecast figures likely to trigger more bets for a bigger hike.
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