
Asia-Pacific Markets Set to Open Lower as Japanese Yen Weakens Against Dollar
Asia-Pacific markets set to open lower as yen weakens to 38-year low against US dollar. Japan's retail sales up. China's industrial profit data awaited.

On the last trading day of June, Asian-Pacific markets started on a mixed note. The Japanese yen saw a decline to approximately 160.82 against the U.S. dollar, marking a near 38-year low, according to FactSet data. This weakened position was last observed two months ago, leading to Japan's first currency intervention since 2022, when the yen last breached the 160 level against the dollar.
Japan's Retail Sales Growth
Japan's retail sales growth for May surpassed market expectations, coming in at 3%, higher than the forecasted 2% in a Reuters poll of economists. This growth rate reflects an improvement from the revised 2% in April, indicating a positive trend in the country's retail sector.
Investors in Asia are closely monitoring the release of China's May industrial profit numbers, which are anticipated on Thursday. This data is expected to provide insights into the performance of China's industrial sector.
Market Futures and Overnight Action
Japan's Nikkei 225 futures hinted at a stronger market opening, as the futures contract in Chicago stood at 39,405 and its counterpart in Osaka at 39,420. Meanwhile, Australia's S&P/ASX 200 futures showed a lower standing at 7,689, down from their last close of 7,783. Hong Kong Hang Seng index futures were also lower at 17,947, compared to the HSI's last close of 18,089.93.
Looking at the U.S. market's performance, the Dow Jones Industrial Average saw a marginal increase of 0.04%, while the S&P 500 rose by 0.16%. The Nasdaq Composite recorded a gain of 0.49%, primarily driven by a 3.9% jump in Amazon shares. This surge propelled Amazon to hit an all-time high and achieve a $2 trillion market value for the first time on Wednesday, placing it alongside Nvidia, Apple, Alphabet, and Microsoft.
Share news