By Zhang Mengying
Investing.com – Asia Pacific stocks were mostly down on Tuesday morning amid U.S. treasury yields rise.
Japan’s gained 0.42% by 10:33 PM ET (2:33 AM GMT).
The yen plunged to a 20-year low on a widening interest-rate gap. The yen’s sharp decline and surging commodity also dented consumers’ confidence. on Monday showed that household spending decreased 1.7% in April year on year. Governor of the Bank of Japan on Monday an unwavering commitment to “powerful” monetary stimulus.
South Korea’s fell 1.39%.
In Australia, the was down 0.79%. The will hand down its policy decision later in the day, which is widely expected to deliver back-to-back interest rate hikes for the first time in 12 years.
Hong Kong’s Index was down 0.40.
China’s inched down 0.08% while the inched down 0.09%. China is easing COVID-19 curbs and has announced 33 measures covering fiscal, financial, investment, and industrial policies to help stabilize the economy.
The rose 9.9 basis points (bps) overnight and hit 3.0580% early in the Asia session.
A strong last Friday raised bets that the U.S. Federal Reserve will remain assertive on inflation. Investors now await the U.S. consumer price index (CPI) for clues on the interest rate hike path.
“Inflation concerns are not going anywhere fast,” City Index senior financial markets analyst Fiona Cincotta said in a note.
“Rising prices and a strong labor report have lifted bets that the Fed may need to act aggressively to rein in inflation.”
The European Central Bank (ECB) will announce an end to bond purchases this week, and formally begin the countdown to an increase in borrowing costs in July. The ECB will this Thursday.
On the data front, China’s CPI and producer price index (PPI) are due on Friday.