Asian Markets Rally as Traders Await Fed Signals
Asian markets staged a relief rally on Thursday as investors awaited fresh U.S. data and central banker comments for signals that could determine whether the Federal Reserve tightens policy this month.
The yen added to gains, rising 0.67% against the dollar to 157.64 per dollar, its strongest since August 10.
Bond yields in major economies eased from multi-year highs overnight, with the yield on benchmark U.S. 10-year notes falling 1.79 basis points to 4.776%. The Japanese government bond yield sank 8 basis points to 4.085%, down from a near record high.
The market's immediate focus is Friday's pivotal U.S. payrolls report, which could influence the Fed's decision on interest rates. Traders have recently increased bets on a Federal Reserve interest rate hike, with a roughly 62% chance of a 25-basis-point rate increase this month, up from 37% a week ago.