Asian shares climbed to an all-time high, as a weaker yen fueled a record-breaking rally in Japanese equities. The MSCI Asia Pacific Index rose 0.5%, with a 1.6% jump in the Nikkei 225 Stock Average leading the moves. The Japanese currency slipped past the 159-per-dollar level to the weakest since July 2024. Equities have jumped, while the currency has come under pressure amid reports of a snap Japan election. South Korean shares rose, building on gains seen on every trading day of 2026. Moves in the commodities market were sharper, with silver breaking above the $90-an-ounce level for the first time and gold trading just below a record. Tin rallied to a new high, and so did copper. Traders head into Wednesday awaiting a possible US Supreme Court ruling on President Donald Trump’s global tariffs, which unsettled markets when announced in April. Even as concerns linger over Trump’s attacks on the Federal Reserve, global stocks have rallied to record highs on bets that investment in artificial intelligence will lift corporate earnings. The ruling is unlikely to have too many medium-term consequences, said Matthew Haupt, a portfolio manager at Wilson Asset Management. Investors will instead be closely watching the bond market, Haupt said. If tariffs are removed, issuances will have to go up, which means a spike in yields and a “worst-case scenario” for stocks, he said. In the commodities market, precious metals have extended last year’s rallies, with the prospect of a criminal indictment against Fed Chair Jerome Powell reviving worries about the monetary authority’s independence. Haven demand has also been aided by Trump’s capture of Venezuela’s leader, his renewed threats to take Greenland, and violent protests in Iran. Citigroup Inc. analysts upgraded their forecasts this week for gold and silver to $5,000 per ounce and $100 an ounce, respectively, in the next three months. Oil steadied after the biggest four-day gain in more than six months. Elsewhere, the dollar held its gains from the prior session, when December US inflation data did little to dent expectations that the Fed will pause interest-rate cuts. Attention in Asia was once again on Japan, where Prime Minister Sanae Takaichi’s reported plan for a snap election fueled a rally in stocks while pushing down bonds and driving the yen deeper into the intervention-risk zone. Japan’s five-year government bond yield climbed to its highest since the tenor’s debut in 2000. Success at the polls for Takaichi, who ascended to the premiership in October, would provide a mandate for her to continue hawkish diplomacy and pro-stimulus policies. US After Hours TGTX +7.3% higher on guidance; GKOS -12.3%, PI -2.8% lower on guidance.
Nikkei +1.48% Hang Seng +0.52% CSI -0.37% Shanghai -0.29% Shenzen +0.56%
Eur$ 1.1645 CNH 6.9730 CNY 6.9756 JPY 159.19 GBP 1.3443 CHF 0.8012 RUB 78.6833 TRY 43.1727 WTI$ 60.96 -0.31% Gold 4,628 +0.91% BTC 95,400 +1.42% ETH 3,343 +4.19% SOL 145.3940 +1.40%
S&P -0.23% Nasdaq -0.22% EuroStoxx +0.03% FTSE +0.10% Dax -0.14% SMI +0.05%
Macro :
- Ariel’s Rogers Sees 2026 Recession, Dow Falling as Much as 20%
- Hudson River’s 2025 Trading Revenue Set for Record $12.3 Billion
Keep an eye on :
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