holidays.The Japanese yen strengthened slightly against the U.S. dollar amid signs of heavy central bank intervention to tamp down the dollar’s advance.
“Even though the economic case for preventing the yen from sliding is much weaker, the Ministry of Finance seems to have responded with an even more forceful round of foreign exchange interventions this week than it did two years ago,” Thieliant said. Elsewhere in Asia, Hong Kong’s Hang Seng jumped 1.7% to 18,518.64, tracking gains on Wall Street. News of fresh moves by Chinese leaders to energize the economy helped drive buying of technology shares.Australia’s S&P/ASX 200 gained 0.6% to 7,629.00 and the Kospi in Seoul slipped 0.3% to 2,676.63. Taiwan’s Taiex picked up 0.5%.On Thursday, the S&P 500 rose 0.9% to 5,064.
A separate, potentially more disappointing report suggested growth in how much U.S. workers produced per hour worked was weaker at the start of 2024 than economists expected. A measure comparing labor costs to productivity, meanwhile, rose by more than expected in the preliminary report. That could put upward pressure on inflation.DoorDash sank 10.3% after reporting a worse loss than expected, while Peloton Interactive swung from an early gain to a loss of 2.
Source: News Formal (newsformal.com)
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