Japanese intervention strengthens yen against dollar, Chinese stocks rise on Tesla rally

From Yahoo Finance: 2024-04-29 17:46:17

Asian markets are on edge after Japan intervened in the Forex market, causing the yen to strengthen against the dollar. Chinese stocks soared to a six-month high, buoyed by Tesla’s rally and improving property sector sentiment. U.S. bond yields pulled back, setting a positive tone for Tuesday’s market open in Asia.

Key economic data releases in China, Japan, South Korea, and Australia will impact currency movements. The yen’s roller-coaster ride, with interventions by Japan, has heightened sensitivity. Market participants await PMI readings, retail sales, and central bank meeting minutes for further market direction.

Japan’s intervention comes after the yen’s sharp drop post-BOJ policy announcement. The currency strengthened slightly, but Tokyo’s resolve is being tested amidst abnormal volatility. Comments from Japan’s top currency diplomat signal concerns over speculative moves. Yen bears may face challenges in the days ahead, with market direction hinging on upcoming economic data.



Read more at Yahoo Finance: Dollar recoils at 160 yen, Tesla’s China joy