A tech stock selloff drove a flight to safe havens, pushing the yen to a one-month high with USD/JPY touching 156.08 (up 0.4%) in Tokyo trading Friday after a 0.9% gain Thursday, while Japanese 10-year JGB yields fell 10 basis points.
Investors are rotating out of risky tech shares and into safer assets, pulling Japanese bond yields lower and lifting the yen. This kind of risk-off flow tends to support JPY and JGBs while adding pressure on equities broadly, as long as the tech selloff continues.
Jin10·10/23, 07:05 AM
Low impact