On Monday, Asian shares rose. This was inspired by positive results in US technology stocks. At the same time, the Japanese yen fell against the euro and Swiss franc as rising interest rates put pressure on government debt.
Japan’s Nikkei index rose 1.9%. The weaker yen is expected to boost revenue for exporting companies. The Bank of Japan raised interest rates to 0.75% and said further increases may follow. Yields on 10-year government bonds reached 2.10%.
The yen was 184.90 against the euro and 198.08 against the Swiss franc. The dollar remained steady at 157.29. Japanese officials said they are monitoring the yen and will take action if needed.
Shares in China and South Korea also rose. The MSCI Asia-Pacific index increased by 0.8%, South Korean stocks rose 1.7%, and China’s blue chip index rose 0.8%. Singapore’s main index rose 1% to a record high. European shares remained relatively steady.
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