Asian shares dropped with European and US stock-index futures after Micron Technology Inc.’s sales outlook fell short of the highest forecasts, denting giant tech companies in late Wall Street trading.
Stocks in Japan, Hong Kong, South Korea and China all declined, putting the MSCI Asia Pacific gauge on course for its first loss in three days.
The yen pared some of Wednesday’s declines when it tumbled to 160.87 per dollar, the weakest level since 1986.
An emerging-market currency gauge dropped to near its lowest in two months and a gauge of Asian currencies fell to levels last seen in 2022 as the dollar strengthened.
Treasuries extended their recent declines on concern Friday’s US PCE data will show inflation remains elevated.“It’s all about the Fed — higher for longer is keeping the front end of rates very high, drawing money into the US and keeping the dollar strong,” said Andrew Brenner, head of international fixed income at NatAlliance Securities LLC. For Japan, “it’s a problem,” he said.
