Asian Stocks Mixed, Gold Extends Run to Fresh High – Asia Market Wrap

Asian stocks were uneven, with losses in Japan and China countering a surge in some of the top technology companies. Gold extended its winning streak to reach a new high.

The Nikkei 225 index fell more than 1% after the yen rose to below 149 per dollar, supported by accelerated wage growth. Japan’s two-year government bond yield rose to its highest level since 2011 on growing speculation that the central bank could stop its zero interest rate policy as early as this month.

Meanwhile, gold extended its rapid climb, buoyed by suggestions that the Federal Reserve will lower interest rates this year. Many investors have been surprised by the precious metal’s quick advance, given that there have been no significant changes in expectations for when the Fed will decrease interest rates or any other evident catalysts.