Stocks Rise & Oil Drops on Iran, Yen Gains – Asia Market Wrap
Stocks rose to a new high and crude oil fell after Trump signalled progress toward a final agreement with Iran, lending further momentum to markets already lifted by a surge in technology shares. The Yen has appreciated.
MSCI’s Asian markets index rose 2.3% to an all-time high, with technology stocks leading gains on renewed optimism about the AI trade. The Kospi index in South Korea, a poster child for AI investments, increased by more than 6% to a new high, with Samsung rising 15% to a $1 trillion value, becoming the second Asian corporation to reach that milestone.
Brent sank 1.6% to around $108 per barrel on assumption that tensions in the Middle East will lessen following Trump’s remarks.
The Yen rose more than 1% to around 155.85 per Dollar. A rapid jump in the currency kept traders on edge over the possibility of Japanese authorities re-entering the market following last week’s intervention to stem falls. The Dollar fell versus all of its Group-of-10 counterparts.
In Asia, the Yen was also the focus of attention. The government interfered in the currency market in late April for the first time since 2024, prompting the Yen to rise by up to 3% in intraday trading. On Wednesday, a national holiday, the Finance Ministry did not respond to a request for comment outside of regular working hours.
