Japanese equities opened higher Friday on the yen’s weakness, following a lackluster day on Wall Street that saw muted moves in stocks and government bonds. Shares in Tokyo rose after the yen dropped to a five-month low of 158 per dollar in the previous session, following Bank of Japan Governor Kazuo Ueda’s comments Wednesday that avoided giving a clear signal on interest rates next month.
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Oil drifted in thin end-of-year trading, with investors assessing the outlook for 2025 while tracking developments in the Middle East. West Texas Intermediate steadied below $70 a barrel, after shedding 0.7% on Thursday, when Brent also settled lower. A gauge of 10-day volatility for the US crude benchmark has ebbed to the lowest since 2021.
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Asian stocks wobbled on Friday while the dollar was steady, keeping the yen rooted near five-month lows in thin year-end trading as investors looked ahead to 2025, when the Federal Reserve is expected to be measured in its interest rate cuts. The Bank of Japan on the other hand could raise rates in the near-term, with the summary of opinions at the bank.
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