Daily Dose, EU

As the Yen and Won Start to Reverse Dip, Asian Stocks Rise – Asia Market Wrap

Asia’s stocks increased on Thursday as authorities’ resistance to a rising dollar served to stabilise exchange rates and regain public trust in the region’s financial systems.

Following a joint statement by US Treasury Secretary Janet Yellen and the finance ministers of Japan and South Korea expressing grave worries about the weakening of the two Asian currencies, the value of the yen and won increased relative to the dollar. Following this week’s low point for the year, a worldwide measure of emerging market currencies was poised for a second day of gains, indicating some stabilisation.

An index of the dollar fell for a second day. Treasuries were little changed after a Wednesday rally that wiped eight basis points from the 10-year yield. The offshore yuan was steady after the People’s Bank of China reiterated that it wants to prevent the risk of the exchange rate overshooting, according to a statement posted on WeChat.

Equities in China, Japan, Australia, and South Korea all rose. A global stock gauge ticked higher, placing the benchmark on track for its first advance since Thursday last week.