Asian Stock Market Showed Mixed Performance After Nvidia’s Rebound Offsetting Wall Street Weakness

In today’s trading session, Asian markets were mixed, following Nvidia offset weakness on Wall Street. In addition, markets braced for a crucial US inflation reading.

At the same time, the Japanese Yen hovered just below the 160 per dollar mark, increasing trader vigilance for potential intervention by the Japanese authorities. 

“The yen remains fundamentally weak, lacking any triggers for a reversal,” said Luca Santos, a currency analyst at ACY Securities, in a commentary.

“The threat of direct intervention looms if USD/JPY crosses the 160 yen threshold,” he added, emphasizing that Japanese officials have highlighted the pace of the yen’s decline, not just its level, as a potential trigger for intervention. 

Risk sentiment was also constrained as hawkish remarks from Federal Reserve officials dampened near-term expectations for US rate cuts, bolstering the dollar. Meanwhile, a surge in Australian consumer inflation to a six-month high in May pushed the Australian dollar to its highest level in two weeks. 

In Tokyo, Nikkei 225 surged 1.3% to 39,667.07, lifted by strong demand for technology shares driven by enthusiasm for Nvidia and Artificial intelligence. Tokyo Electron rose by 3.6% while Advantest Corp. surged by 7%. Shin-Etsu Chemical Co. increased by 1.5%.

Chinese shares rebounded after a weak opening. Hong Kong’s Hang Seng index slightly increased by 0.1% to 18,093.37, while the Shanghai Composite Index climbed 0.8% to 2,972.93.

South Korea’s Kospi increased by 0.6% to 2,792.05, while Australia’s S&P/ASX 200 fell by 0.7% to 7,783.00. 

Shares in Taiwan also rose 0.5% while India increased by 0.7%. Bangkok’s SET edged up by 0.2%.

ABOUT THE AUTHOR See More

Sophia Cruz

Financial Writer - Asian & European Desks

Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.

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