The Nikkei is down 2 percent as Asian markets follow the United States technology meltdown. US GDP data in Spotlight

Many Asian markets fell substantially on Thursday, with region tech companies matching losses overnight against their American Indices., Whereas the Nikkei led falls caused by a rise in bond rates and concern about Japanese central bank policies.

Asian Shares pressured by tech-sector results

Indexes on Wall Street fell on Wed as traders ignored solid results from Meta Platforms Inc & IBM   due to a rise in Bond rates. Alphabet Inc Alphabet’s mother company, too suffered substantial fall. plunging almost 10 percent following its Q3 earnings underwhelmed.

This was a shaky start for Asian markets, as the Japanese Nikkei 225 topping declines when local tech companies overturned recent advances. Many tech-specific indices, like Korea’s KOSPI & Hang Seng, likewise fell sharply, dropping 0.7 percent to 2.2 percent. Considering that Q3 economic expansion exceeded than predicted, the KOSPI dipped.

Japanese equities have been battered by tech weakening and BOJ concerns.

The Nikkei fell 2.1 percent in the morning and is amongst Asia’s weakest losers for the day.

A two percent rise in Japan’s the ten-year rates shook domestic equities, as does the yen’s ability to break through the 150 barrier. Having brought the Japanese yen near reaching a 33-year trough.

The rise in rates, along with a weaker yen, has fueled speculation. Whether Tokyo might think about adjusting its ultra-easy policy as it gathers the following Tuesday. During this week, reports in the press indicated the Boj was thinking about broadening its yield curves management strategy in response to increasing strain from bond and exchange rates.

• The 10-year Treasury yield increased by Eleven bps to 4.954 percent. The two-year Treasury rate remained close to its flat-line at 5.1 percent.
• Price and yield fluctuate in opposing ways. The basis value is equivalent to 0.01 percent.

US1M US1 Month Treasury 5.436 0.037 – US3M US3 Month Treasury 5.531 0.049 – US6M US6 Month Treasury 5.603 0.034 –  US1Y US1 Year Treasury 5.502 0.048 – US2Y US2 Year Treasury 5.119 -0.002 US10Y –  US10 Year Treasury 4.974 0.021 US30Y – US30 Year Treasury 5.118 0.026

An increase in US bond rates, that continued their march back towards record highs, jolted Asian markets. When speculators braced for the Fed’s meet the following week. The primary attention is also on critical Q3 GDP statistics from the United States, which is coming in the latter part of the period.

The ASX 200 index in Australia fell 1 percent after statistics revealed a continuing drop in prices for export during the 3rd quarter. Increasing prospects of a Reserve Bank of Australia rate of interest rise additionally roiled mood for local markets.

The Chinese recovery is stalling as its tolerance for risk deteriorates.

Following recovering dramatically its 2023 minimums early in the week, the Chinese CSI 300 & Shanghai Composite indices lost 0.7 percent and 0.4% of their value on Thursday.

Following the authorities approved a 1 trillion-yuan debt issue, prospects of greater stimuli expenditure in China. Which prompted a substantial bounce in Chinese markets earlier in the week. However, the reasons that have harmed China’s markets lately stayed in activity. As traders concerned about slowing economic expansion with a possible crisis of debt in the housing sector.

US Stock Indices &in US dollar

Asia’s currency falls, and the yen faces action after crossing 150 mark

USD/JPY +0.27% – JGB -0.12% –  JP10Y… +3.04%

Many Asian currencies dropped on Thursday as fears about rising US rate of interest drove the US dollar and bond yields greater. Alongside speculators also looking at potential Japanese state action after the yen sank to a nearly a year bottom.

The US currency is nearing its highest level in two weeks amidst US Fed concerns.

In Asian trade, the US DXY and futures each surged 0.2 percent, reaching around week highs. While investors braced for the Fed’s summit the following week. Whereas the U.S. Federal Reserve is largely anticipated to leave rates steady. The policymakers have kept the option clear to possibly an additional boost during the year.

Japanese currency surpasses 150 yen; government action, the Bank of Japan enters into spotlight

During an additional time recently, the yen fell through the critical 150 barrier.- Raising expectations whether the Japanese authorities may interfere in the foreign exchange markets to halt another drop. The yen fell down to a year bottom of 150.41 per the US dollar.

During the third of October, the yen momentarily surpassed 150, until drastically reversing course. As a result, rumors arose whether authorities had previously interfered in exchange rates. Prior to the 22nd of October the yen had previously surpassed 150 mark since the start of the losing ten years in 1990s.

Many other Asian Fx fell as sentiment towards risk deteriorated, supporting the US currency. Concerns of a rise in the Jerusalem-Hamas conflict fueled this belief.  Especially after Netanyahu reaffirmed its intention to launch an invasion on Strip.

The yuan remained unchanged as investors tried to predict the size of the economic recovery the government’s proposed 1-Trillion yuan debt issue would cause. The yuan stayed in danger due to concerns about an economic rebound alongside a housing market crisis.

The S. Korean won fell 0.4 percent after statistics indicated the nation’s GDP increased faster than anticipated in the Q3. The result increased hopes that the Central Bank of Korea had finished raising the rate of interest.

The AUD fell 0.5 percent, capping a 2-day rise, after prices for exports fell in the third period, according to statistics. However, forecasts of an RBA rate of interest rise in Nov are expected to boost the Aussie in the next week.

Currency Rates in Asian Trading Session