Asian stocks drift, yen at 5-month low in thin year-end trading

Ankur Banerjee - Reuters - 27/12

Asian stocks wobbled on Friday while the dollar was steady, keeping the yen rooted near five-month lows in thin year-end trading as investors looked ahead to 2025, when the Federal Reserve is expected to be measured in its interest rate cuts.

Summary

Asian stocks meander, with Nikkei rising on weak yen
Yen wallows at five-month lows, set for 10% fall in 2024
Moves muted due to thin year-end trading

SINGAPORE, Dec 27 (Reuters) - Asian stocks wobbled on Friday while the dollar was steady, keeping the yen rooted near five-month lows in thin year-end trading as investors looked ahead to 2025, when the Federal Reserve is expected to be measured in its interest rate cuts.

The Bank of Japan on the other hand could raise rates in the near-term, with the summary of opinions at the bank's December meeting released on Friday keeping alive the chance of a January hike. The BOJ had chosen to stand pat in its December meeting.

That has left the yen loitering around levels last seen in July. On Friday, it was little changed at 157.80 per dollar, taking its losses for the year against the dollar to over 10% in 2024, its fourth straight year of decline.

The currency has been under pressure from a strong dollar and a wide interest rate gap that persists despite the Fed's rate cuts, with traders wary of another bout of intervention from Tokyo as the yen approaches 160 levels.

Over in stocks, MS...
[Short citation of 8% of the original article]

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Source and Copyright images and texts: Ankur Banerjee - Reuters
Original link, read full article here: https://www.reuters.com/markets/global-markets-wrapup-1-2024-12-27/
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