Asian Shares Mostly Decline After US Stocks' Rally Fueled by Easing Oil Prices
The Asian stock markets mostly declined on Tuesday following the previous day's rally on Wall Street, which was fueled by easing oil prices. The Nikkei 225 index in Japan fell 0.3% to 63,585.58. The US dollar edged up against the yen to 157.51 from 157.18.
The joint U.S.-Japan currency intervention last week still had investors weighing its impact. Analysts said that the effectiveness of this move is uncertain as it doesn't address the fundamental economic reasons behind the currency fluctuations, including inflation, interest rates and relative strengths of economies.
Matthew Ryan from Ebury noted that the latest effort may have some impact because it appears to signal a real change in monetary policy. He added that 'this is an historic and meaningful development for the yen, which materially improves confidence in our mildly bullish call for the currency.'