Asian Stocks Rally, Yen Hits 40-Year Low as Tech Rebounds
Asian stocks climbed, putting the MSCI Asia Pacific Index on track for its best quarterly gain in 17 years, while the yen weakened to a 40-year low near ¥162 per dollar, raising intervention expectations.
Asian equity markets rallied, with the MSCI Asia Pacific Index heading for its strongest quarterly performance in 17 years. Tech stocks led the advance, following a robust Wall Street session driven by chipmakers. The S&P 500 is also on track for one of its best quarterly gains in recent years, fueled by the AI-driven tech rally.
The yen weakened to around ¥162 per dollar, its lowest level in 40 years, prompting market speculation about possible intervention by Japanese authorities. Investors are also watching U.S.-Iran peace talks and this week's U.S. jobs report for clues on Federal Reserve policy.
WTI crude oil traded near $70 a barrel as markets monitored developments ahead of the Doha talks. Meanwhile, a U.S. Supreme Court decision allowing Fed Governor Lisa Cook to remain in office reinforced confidence in the central bank's independence.
Source: First Squawk