A look at the day ahead in Asian markets from Stephen Culp, financial markets columnist.
Asian markets are likely to come under pressure on Friday, backing down from five-month highs as the Bank of Japanto allowing long-term interest rates to rise beyond the 0.5% cap as it discusses potential amendments its yield curve control program.
A Nikkei report on Thursday pointing in that direction coincided with a downturn for U.S. stocks, a fall that snapped the Dow Jones Industrial Average'sThe news was "the biggest driver of today's performance," according to Michael Green, portfolio manager and chief investment strategist at Simplify Asset Management.
On Wednesday, the U.S. Federal Reserve implemented another 25 basis point interest rate hike as widely expected, and the European Central Bank on Thursday, even as central banks around the world have assumed a more cautious posture amid signs that inflation is in a cooling pattern.Earlier in the day, U.S. stocks were buoyed and fears of a global economic slowdown were abated by upbeat earnings reports and a raft of better-than-expected U.S. economic data.
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