Key facts
- Asian markets showed mixed performance as the yen surged and oil prices climbed.
- Fresh Iranian threats in the Persian Gulf drove oil prices higher.
- Japan's Nikkei 225 edged up, while the yen reached a multi-month high.
- Mixed regional economic data and rising U.S. Treasury yields contributed to market uncertainty.
- Traders are pricing a 60% chance of a Federal Reserve rate hike at its next meeting.
Asian markets experienced volatility as the yen surged and oil prices climbed amid fresh Iranian threats in the Persian Gulf. Japan's Nikkei 225 saw modest gains, while the yen reached its strongest level since February 18. MSCI's broadest index of Asia-Pacific shares outside Japan rose 0.2%, led by a 1.2% gain in the KOSPI. Traders are pricing a 60% probability of a 25-basis-point Federal Reserve rate hike at its next meeting. Mixed economic data, including faster-than-initially-estimated growth for Japan in the April-June quarter and a sharp fall in Australian consumer sentiment, added to the uncertainty. Gold prices and cryptocurrencies like Bitcoin and Ether saw modest gains.