Overseas Trading: Bank of Japan Pressures Yen, Boosts Tokyo Stocks

A Bank of Japan governor suggested Tokyo could be on the verge of additional stimulus

Aug 22, 2016 at 8:49 AM
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Asian markets finished mixed today, as stocks reacted to a rising U.S. dollar and plunging crude oil prices. In Japan, the Nikkei added 0.3%, as the yen continued to cool on increased expectations that the U.S. Federal Reserve could be on the cusp of raising interest rates. Also weakening the currency to levels not seen since 2014 was an interview published over the weekend in which Bank of Japan Governor Haruhiko Kuroda suggested there is a "sufficient chance" the central bank will boost stimulus measures in its September meeting. Hong Kong's Hang Seng also finished on the plus side, adding 0.3%.

Elsewhere in the region, China's Shanghai Composite slumped 0.8%, after the country's central bank set the yuan's key rate at its lowest point against the U.S. dollar since the late-June "Brexit" vote. South Korea's Kospi, meanwhile, shed 0.7%.

Declining energy stocks are weighing on Europe at midday, with Brent crude futures trading south of the highly watched $50 mark. Mining stocks are also taking a hit, after U.S. Federal Reserve Vice Chair Stanley Fischer said the central bank is "close to our [inflation] targets" ahead of this week's annual symposium in Jackson Hole, Wyoming. Against this backdrop, the German DAX is down 0.7%, London's FTSE 100 is off 0.5%, and the French CAC 40 is 0.3% lower.

Overseas Trading August 22

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