Asian markets trade lower, Chinese stocks drop 2%
Stocks on Asian markets fell on Friday following the Bank of Japan’s latest monetary policy update. The BoJ maintained its negative interest rate but opted to adjust its stimulus policy. Policymakers also said they would allow more fluctuation in 10-year bond yields, with a range between minus 0.25% and plus 0.25%.
Meanwhile, investors remained concerned this week amid rising Treasury yields despite the Federal Reserve indicating there will be no rate hikes through 2023.
The Nikkei 225 closed 1.41% in the red in Tokyo, while the Kospi Composite dropped 0.82% at 7:30 am CET. Meanwhile in China, the Shanghai Composite sank 1.77% as the Shenzhen Composite dropped 2.54%. The Hang Seng was down 2.01% in Hong Kong at the time. In Sydney, the S&P/ASX 200 closed 0.56% lower. The dollar declined 0.07% against the Japanese yen at 7:30 am CET, buying ¥108.811.
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