Asian Stocks Surge in Anticipation of Upcoming US Employment Data

• Asian shares saw a rise on Friday, with anticipation building up for the U.S. jobs market report. Markets in Tokyo and Shanghai remained closed due to holidays.
• The Japanese yen saw a slight strengthening against the U.S. dollar, with heavy central bank intervention to control the U.S. dollar’s advance.
• The Bank of Japan reportedly spent an estimated 8 trillion yen (about $50 billion) this week to prevent the yen from slipping further against the dollar.

Asian shares rise ahead of U.S. jobs report, with the Japanese yen strengthening against the U.S. dollar amid heavy central bank intervention.

Asian Shares and U.S. Futures Rise

Asian shares were mostly higher on Friday, with several major markets including Tokyo and Shanghai closed for holidays. U.S. futures also saw a rise. The Japanese yen strengthened slightly against the U.S. dollar amid signs of heavy central bank intervention to tamp down the U.S. dollar’s advance.

Bank of Japan’s Intervention

The financial newspaper Nihon Keizai Shimbun reported that estimates showed the Bank of Japan spending an estimated 8 trillion yen (about $50 billion) this week in trying to keep the yen from slipping further against the dollar. While a weak yen can be a boon to Japanese companies that earn much of their revenues overseas, significant shifts in the foreign exchange market can play havoc with corporate planning and a sharply weaker yen also boosts costs for imports of oil and ot... Read the full article for FREE at COINOTAG!