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Asian Equities Decline As traders Assess China's Reopening Strategy

Mila Graham

Dec 28, 2022 16:05

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On Wednesday, Asian stocks were muted but the dollar maintained its strength as investors sought guidance in the wake of China's latest steps toward reopening its COVID-devastated economy.


The MSCI index of Asia-Pacific shares outside of Japan fell 0.13%, breaking a two-day winning streak and seemed destined to finish the year's final month in the red.


Australia's S&P/ASX 200 index fell 0.43% while Japan's Nikkei began 0.5% down.


The Hong Kong stock market began 1% higher while China's stock market was expected to open slightly down following China's declaration on Monday that it will no longer need incoming travelers to undergo quarantine beginning on January 8.


Expectations of a swift economic rebound have grown due to an infection peak that came sooner than expected.


Overnight, Wall Street declined as the U.S. Treasury yields put pressure on growth stocks that are sensitive to interest rates.


Investors have been attempting to predict how high the Federal Reserve will need to hike rates as it continues to tighten monetary policy in an effort to fight inflation without tipping the economy into a recession.


At 3.849%, the yield on 10-year Treasury bonds was down 0.9 basis points from the previous session's five-week high of 3.862%.


The yield on the 30-year Treasury bond decreased by 2.3 basis points to 3.920%, while the yield on the two-year U.S. Treasury bond decreased. These two yields often move in tandem with forecasts for interest rates.


A summary of thoughts from the Bank of Japan's December meeting, which was released on Wednesday, revealed that policymakers there considered the growing likelihood that increased wages will ultimately eliminate the possibility of a return to deflation.


The BOJ kept its ultra-easy policy at its meeting on December 19–20, but surprised the markets by changing its bond yield control strategy, allowing long-term interest rates to increase even further.


Investor attention will likely shift to who will run the BOJ after Governor Haruhiko Kuroda steps down in April, despite markets' growing hopes that the Japanese central bank will modify its stance.

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