Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above $120 a barrel, adding to...
TOKYO — Shares were mostly lower in Asia on Thursday as investors watched for fresh signs of inflation and crude oil prices hovered above $120 a barrel, adding to price pressures.
The Japanese yen continued its slide to new 20-year lows against the U.S. dollar, a trend the International Monetary Fund and other analysts expect to continue for a while because of higher interest rates in the U.S. and Europe, compared to Japan, where long-term interest rates remain at near-zero. “To that end, ECB will not want to throw the baby out with the bath water; calibrating monetary tightening in a more sustained, even if slow, pace,” she said in a commentary.
Brent crude BRNQ22 , the international standard for pricing oil, gained 51 cents to $124.09 a barrel. Treasury Secretary Janet Yellen, testifying before the the Senate Finance Committee on Tuesday, said she expects inflation to remain elevated and bringing that down is a top priority. The Fed is widely expected to raise its key short-term interest rate by half a percentage point at its meeting next week. That would be the second straight increase of double the usual amount, and investors expect a third in July.