MSCI’s broadest index of Asia-Pacific shares outside Japan rises while Tokyo’s Nikkei rallies
Sydney — Asian shares notched a fresh two-year high on Monday as investors wagered monetary and fiscal policies globally will stay super stimulatory for a long time, keeping the safe-haven dollar on the defensive.
The Nikkei had dipped on Friday after Prime Minister Shinzo Abe’s resignation stirred doubts about future fiscal and monetary stimulus policies. The US ISM manufacturing survey is also expected to show a continued pickup in activity in August, while August payrolls on Friday are forecast to rise 1.4 million with the unemployment rate dipping to a still painfully high 9.8%.
The risk of higher inflation in the future, assuming the Fed can get it there, was enough to push up longer-term Treasury yields and sharply steepen the yield curve.
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