The yen traded at 148.31 to the U.S. dollar, after falling sharply earlier in the day following the Bank of Japan’s decision to hold interest rates in negative territory, suggesting it was in no rush to phase out its massive stimulus program.
Benchmark 10-year U.S. Treasury yields hit a 16-year high of 4.508%, trading at 4.478% in Europe, while 30-year yields hit their highest in a dozen years. They were trading at 4.55%, up slightly on the day. The Fed revised downwards its unemployment rate forecast for next year, and if the U.S. economic data continued to improve, it would put “upside risk” on interest rates, making the need for a soft landing all the greater, Osman added.
MSCI’s index of Asia-Pacific shares ex-Japan touched a 10-month low before bouncing 0.5% on vows in China to support private business. It is down 2.8% this week.
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