Stocks in Asia slide on weak China data, yen dives as BOJ tweaks yield control

Singapore, Oct. 31 (BNA): Asian equities slid on Tuesday as disappointing activity data from China revived some worries over the world’s second-largest economy, while the yen weakened past 150 per dollar after the Bank of Japan tweaked its bond yield control policy.

 

MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.86% lower, hovering close to the one-year low it touched last week. The index is down 4% in October and on course for third straight month in the red, Reuters.

 

The yen fell 0.8% against the dollar to touch a session low of 150.25 after the central bank said the 1% ceiling on benchmark 10-year yields would be an upper bound rather than a rigid cap. It maintained the 0% target for the yield under its yield curve control (YCC) policy.

 

Under criticism that its heavy defence of the cap is causing market distortions and an unwelcome yen fall, BOJ had raised its de-facto ceiling for the yield to 1.0% from 0.5% in July.

 

 


 

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