Most Asia-Pacific stock markets chalked up modest gains early Friday, following fresh records on major U.S. indexes, stemming two days of declines in the region.
“Generally we are going to be tracking the upbeat wave of sentiment” from Wall Street, said Stephen Innes, head of trading in APAC at Oanda. Still, he’s not expecting a sizable rebound in Asia ahead of the weekend.
Continued gains in the yen further pressured Japanese stocks—the Nikkei was recently down another 0.2% as the dollar was around ¥111.25, compared with ¥111.80 when local stock trading ended Thursday.
Some investors have been reversing bets that the yen’s value would fall as the Federal Reserve continues to tighten monetary policy and the Bank of Japan and the Bank of Japan is seen as being some time off increasing its rates