Forex
Asia Tech Sector Surges on Micron Earnings, Yen Weakens Despite Hawkish Tone
The tech sector rallied in Asia following strong earnings results from Micron Technology. The Nikkei 225 index in Japan surged by nearly 2.9% to around 69,027 points, driven by a surge in semiconductor stocks. South Korea's KOSPI also gained 0.9%, supported by demand for tech stocks and record chip export data in September.
The yen weakened against the US dollar despite a hawkish tone in the BoJ opinion summary. Investors viewed the comments as insufficient reason for an immediate rate hike, leading to a sell-off of the currency.
Wall Street futures rebounded sharply this morning, driven by strong Micron results and outlook. The US Treasury yields rose despite a lower inflation reading due to recent GDP revisions.