Asia-Pacific Stocks Navigate Post-Fed, Yen Volatility
Tokyo – Asia-Pacific stock markets experienced a mixed session on Thursday, as investors digested the latest decision from the U.S. Federal Reserve (Fed).
Fed’s Decision and Market Reaction
The Fed maintained interest rates unchanged after its two-day meeting, easing concerns about aggressive rate hikes that could curb inflation. Fed Chair Jerome Powell ruled out any immediate increase, sending shockwaves of relief through the markets.
Yen’s Volatile Ride
The Japanese yen took center stage, having faced a turbulent start to the week. Suspected government intervention to support the currency on Monday was met with mixed reactions, and the yen was trading at 155.83 against the U.S. dollar at the time of writing.
Nikkei and Topix Dip, Other Markets Mixed
Japan’s benchmark Nikkei 225 index shed 0.70%, while the broader Topix lost 0.4%. South Korea’s Kospi fluctuated within a narrow range, edging down by 0.1%, as investors digested slower consumer price growth in April. Australia’s S&P/ASX 200 bucked the trend, gaining a modest 0.2%.
Consumer Prices and Index Tracking
The South Korean government released its consumer price data for April, indicating a slight decline in price increases compared to March. This news provided some relief to investors amid inflation concerns.
Wall Street stocks concluded Wednesday’s session with a mixed bag of gains and losses, as markets awaited the Fed’s decision. The Dow Jones Industrial Average rose 0.23%, while the S&P 500 and Nasdaq Composite slipped 0.34% and 0.33%, respectively.
Key Figures for Hong Kong
Futures for Hong Kong’s Hang Seng index hovered around 17,460, following the HSI’s closing value of 17,763.03 on Wednesday.
Contributors
Samantha Subin and Hakyung Kim of LA News Center contributed to this report.
Data sourced from: cnbc.com
