Global Markets: Asian shares rise, yen slips
for more stimulus including further aggressive easing by the Bank of Japan also undermined the yen.
The BOJ begins a two-day policy meeting on Monday, and is expected to refrain from taking fresh policy steps.
The dollar hit a near seven-month high against the yen at 81.59 yen on Monday. A weaker yen helps support the economy and boosts sentiment for Japanese equities investors.
A senior trader at a foreign bank said investors had been underweight Japanese equities and the rally could have further to go as they start to put their money into Japan, advising investors to cover their positions in very heavily short-sold sectors such as electronics.
FISCAL CLIFF, GREECE EYED
Aside from Japanese politics, market players closely watched negotiations among U.S. Congressional leaders to avoid a budget crisis, and prepared for European officials' meeting on Tuesday to discuss aid for debt-stricken Greece.
Hope that U.S. politicians would find common ground to steer clear of the fiscal cliff boosted U.S. stocks on Friday. European shares sank to a 3-1/2-month closing low, for their worst week since the end of May, on persistent concerns over U.S. fiscal policy and the euro zone debt crisis.
U.S. Treasury yields fell to their lowest levels in over two months on Friday as scepticism over the U.S. budget talks drew safe-haven bids.
Top lawmakers from both major U.S. political parties on Friday hinted at the possibility of a budget compromise that involves spending cuts and additional revenue, although they were short
Be the first to comment.
