Asian shares declined, and bond yields surged overnight due to inflation concerns.
The yen’s drop beyond 160 per dollar prompted currency traders to anticipate intervention from Japan to stabilize it. The dollar reached six-week highs against the pound as market nerves heightened.
Shares of the key chipmaker Micron Technology fell 8% in US after-hours trading, meeting revenue expectations but not surpassing them. Stock markets in Tokyo, Hong Kong, and Sydney dropped more than 1%.
In the US, the Dow Jones Industrial Average decreased by 128.53 points (0.3%) to 38,981.88, the S&P 500 lost 10.58 points (0.2%) to 5,458.72, and the Nasdaq Composite gained 24.56 points (0.1%) to 17,740.55.
Yields on US Treasury bonds increased as inflation rose in other countries, with Australian consumer inflation reaching a six-month high in May. The yield on the benchmark 10-year US Treasury bond climbed to 4.312%, up from 4.238% late on Tuesday.
