Yen advances, treasuries rise as Fed move nears: Markets Wrap
Federal Reserve to begin policy easing.
Stocks fluctuated in the region, with the yen’s rise to around 141 per dollar pressuring those in Japan, an export-oriented economy. Australian and South Korea shares rose, following a fourth day of gains on Wall Street. Hong Kong futures were higher.
The range-bound trading in equities suggests caution ahead of next week’s Fed policy meeting, after data showed Thursday that US producer price index picked up slightly in August after the previous month’s numbers were revised lower. Meanwhile, categories that feed into the Fed’s preferred inflation gauge were muted.
The latest figures did little to alter expectations that the Fed will trim rates when its monetary policy committee meets next week, but for some it kept alive the idea the first cut may be 50 basis points.
The 10-year Treasury yields shed three basis points in early Asian trading, weighing on the dollar as emerging Asian currencies including the Korean won carried over a rally from Latin America.
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