Asian stocks surge led by tech

Asian stocks near highest level in 15 months

By Nadia Elbilassy | @Nadia Elbilassy | 3 May 2024

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  • BoJ suspected intervention amid yen's strength.

  • Asian stocks hit 15-month high, led by tech and Hong Kong shares.

  • AUDUSD up 0.3% on anticipated hawkish signals from RBA.

Suspected intervention by the BoJ?

Asian stocks reached their highest level in 15 months, driven by gains in the technology sector and Hong Kong stocks. Hong Kong's Hang Seng Index rose by 1%, extending gains for the 9th day since January 2018.

The MSCI's comprehensive index of Asia-Pacific shares, climbed to 550.49, also marked its highest level since February 2023.

Throughout the week, traders have speculated that authorities intervened at least two occasions, amidst choppy trading for the yen. As the yen was seen strengthening, distancing itself further from its recent 34-year lows, marking the end of a volatile week near a three-week low of 152.9.

The dollar index stood at 105.24 in the latest reading. Poised to record a 0.8% decrease for the week, marking its most significant weekly decline since early March.


The AUDUSD pair rose 0.3%, with markets anticipating potentially hawkish signals from the Reserve Bank of Australia in the coming week.

Stronger-than-anticipated inflation data in Australia led markets to largely dismiss expectations of any interest rate cuts by the RBA in 2024, bolstering the Australian dollar.