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.Despite the yen's continuous slide towards fresh multi-decade lows, Tokyo has so far resisted intervening in the currency market, even as officials ramp up their warnings against excessive yen moves.
That, and bets the Fed is likely to delay the start of its rate-cutting cycle, provided fresh impetus to yen bears. Hong Kong's Hang Seng Index similarly advanced 0.77%, while China's blue-chip index edged 0.06% higher. "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.
In commodities, Brent fell more than 1% to $88.55 a barrel, while U.S. crude similarly eased 1% to $83.02 per barrel.
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