Major indexes cascaded downward in Asia, with the drop pronounced at nearly 2% in Tokyo. Japan's consumer price index data showed an increase for the seventh consecutive month, although the results were within market expectations.
The U.S. dollar rose to 128.57 Japanese yen early Friday from 128.36 yen. The euro cost US$1.0842, inching up from $1.0840. But the main cause of the dollar's surge against the yen and other currencies, a growing gap between interest rates in Japan and some other Asian countries and rising U.S. interest rates, is unlikely to abate.
The broader market has had a choppy week as investors review the latest round of corporate earnings amid lingering concerns about rising inflation and the Fed’s shift away from an ultra-low interest rate policy. That suggests a half-point rate increase could be on the table when Fed officials hold their next interest rate and economic policy meetings May 3-4, Powell said. In the past, the Fed has typically raised its benchmark short-term rate by more modest quarter-point increments.
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