Asian Stocks Plunge, Yen Hits Lowest Level Since 1990 – Asia Market Wrap

Following Meta Platforms Inc.’s dismal prognosis, which sparked questions about whether the bull market had gone too far, Asian stocks fell.

Japan’s and South Korea’s stock indices dropped, and US stock futures did too. The yen continued to decline on Wednesday after falling below 155 per dollar for the first time in over thirty years, increasing the likelihood of intervention ahead of the Bank of Japan’s policy announcement on Friday.

In US after-hours trade, Facebook’s parent company Meta fell 15% as it raised its annual spending forecasts and predicted second-quarter sales that were lower than analyst estimates.

On Thursday, the value of the yen fell to a record 34-year low of 155.51 per dollar. The Bank of Japan is expected to maintain its current interest rate settings on Friday, however given the decline in the value of the currency, it is more probable that the bank would soften its stance on maintaining loose policy.