Yen hits near 38-year low overnight

[Pelican Press 0]

Yen hits near 38-year low overnight

People watch the first sunrise of the new year from a footbridge overlooking the city skyline in Seoul on January 1, 2024. 

Jung Yeon-je | Afp | Getty Images

Asia-Pacific markets were set to open lower on Thursday, as the ********* yen weakened to a near 38-year low late Wednesday, hitting160.82 against the U.S. dollar, according to FactSet data.

The yen last breached the 160 level against the dollar two months ago, prompting the ********* government to prop it up in the country’s first currency intervention since 2022.

Investors in Asia will also look toward China’s May industrial profit numbers and Japan’s retail sales data which will be released on Thursday.

Futures for Australia’s S&P/ASX 200 stood at 7,689, lower than their last close of 7,783.

Japan’s Nikkei 225 futures pointed to a stronger open for the market, with the futures contract in Chicago at 39,405 and its counterpart in Osaka at 39,420 compared to the previous close of 39,667.07.

Hong Kong Hang Seng index futures were at 17,947, lower than the HSI’s last close of 18,089.93.

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