1 hour ago
Japan’s 10-year government bond yield rises to over 5% as the yen depreciates by more than 150 yen
On Wednesday, the 10-year Japanese government bond yield rose more than 5.6% to 0.766, its highest level since Dec. 11.
The move came after the yen fell for seven consecutive sessions, dropping below 150 yen against the dollar.
Under the Bank of Japan’s yield curve control policy, the Bank of Japan aims to maintain the yield on 10-year government bonds at around 0%. The upper limit is 1% “as a reference”.
— Lim Huijie
1 hour ago
Japan’s yen exceeds 150 yen against the dollar, weakening for 7th consecutive day
Japan’s yen broke above 150 yen against the dollar on Wednesday, marking the seventh consecutive session of depreciation.
Masato Kanda, the country’s top currency diplomat, reportedly said regarding the yen, “The foreign exchange market has been moving quickly recently.”
According to Reuters, Kanda also said authorities were closely monitoring the development and would take “appropriate action regarding foreign exchange as necessary.”
Amid expectations for interest rate cuts from the US Federal Reserve this year, the Bank of Japan’s lifting of negative interest rates and other policy measures are attracting attention from investors.
— Shreyashi Sanyal
5 hours ago
Dow records biggest single-day loss since March 2023
Stocks closed lower on Tuesday after the stock market spooked in the morning following a better-than-expected January inflation report.
The Dow Jones Industrial Average fell 524.63 points, or 1.35%, to settle at 38,272.75. It was the worst day for the 30-stock index since March 2023. The S&P 500 fell 1.37% to close at 4,953.17, and the Nasdaq Composite Index fell 1.80% to close at 15,655.60.
— Lisa Kailai Han
6 hours ago
Oil prices rise despite stubborn US inflation
Oil futures rose on Tuesday even as stubborn U.S. inflation dragged down stock markets.
West Texas Intermediate’s March contract rose 95 cents, or 1.24%, to settle at $77.87 a barrel. The April Brent contract rose 77 cents, or 0.94%, to settle at $82.77 per barrel.
WTI has struggled to break out of a range of about $68 to $78 per barrel amid uncertainty surrounding wars in the Middle East and an uncertain outlook for supply and demand this year.
However, WTI and Brent have risen about 8.68% and 7.44% respectively since the beginning of the year.
— Spencer Kimball
6 hours ago
All sectors of the S&P 500 suffer losses.
As of Tuesday afternoon, all 11 sectors that make up the S&P 500 index were down at least 1%. Overall, the benchmark index fell about 1.8%.
Real estate stocks led the index decline, hurt by 5% declines in Boston Properties and Alexandria Real Estate Equity. Utilities and consumer discretionary sectors also weighed on the S&P 500, each falling more than 2%.
On the other hand, healthcare had the smallest decline at 1.2%. Insight and McKesson rose more than 2%, mitigating the sector’s losses.
— Alex Harring
