Asia tracks Wall St record highs; USD/JPY steady near 158
As of 2026-10-06 12:00 SGT
Key points
- Asian equities are extending Wall Street's record close: the Hang Seng is up as much as 1.04% intraday to 24,222 and the Nikkei 225 has added 0.51% to 70,304, both tracking the Nasdaq Composite's fresh record finish on Monday.
- USD/JPY is little changed at 157.97 (+0.05%), holding inside yesterday's 157.76-158.05 range, after a report on the GPIF's investment stance briefly pushed the pair toward 158 around midday Tokyo trade.
- Morgan Stanley has turned neutral on the dollar with a bullish skew while staying bearish on the yen on carry-trade support, favouring the Norwegian krone over the euro as an energy hedge, ForexLive reports.
- The US 10-year Treasury yield is holding at 5.311% (+3.4bp); ForexLive flagged Treasury yields at their highest since 2007, a divergence from record-high equities that Deutsche Bank says "cannot last."
- WTI crude is firmer at $89.80 (+0.41%), still well below yesterday's $93.51 high, as Aramco warns global oil stocks may take about two years to rebuild while Hormuz diesel flows stay scarce.
Market snapshot
| Instrument | Level | Change |
|---|---|---|
| USD/JPY | 157.97 | +0.05% |
| EUR/USD | 1.1225 | +0.02% |
| Nikkei 225 (intraday) | 70,304 | +0.51% |
| Hang Seng (intraday) | 24,222 | +1.04% |
| Dow futures | 51,639 | +0.16% |
| S&P 500 futures | 7,834.25 | +0.10% |
| Nasdaq 100 futures | 31,354 | +0.11% |
| Gold futures | 4,157.70 | +0.02% |
| WTI crude | 89.80 | +0.41% |
| Bitcoin | 85,517 | -0.27% |
| US 10-yr yield | 5.311% | +3.4bp |
Foreign exchange — Rangebound, brief yen dip on GPIF report
USD/JPY is little changed at 157.97 (+0.05%), holding inside yesterday's 157.76-158.05 range. A report on the Government Pension Investment Fund's (GPIF) investment stance briefly pushed the pair toward 158 around midday Tokyo trade before it eased back into the upper 157s. EUR/USD is also little changed at 1.1225 (+0.02%), steadying after France's budget plan failed to reassure markets and Spain's call for a November 29 snap election dragged the pair to a 17-month low, per the Guardian and ForexLive. Morgan Stanley has turned neutral on the dollar with a bullish skew while staying bearish on the yen on carry-trade support. Into tonight's NY open, the pair should stay anchored to the GPIF headline and the US-Japan yield gap rather than take a fresh direction.
Equities — Asia extends Wall Street's record run
Asian shares are tracking Wall Street higher after the Nasdaq Composite closed at a fresh record on Monday, with Nvidia's rally pushing the chipmaker's market value toward $6 trillion, ForexLive reports. The Hang Seng is up as much as 1.04% intraday to 24,222 and the Nikkei 225 has added 0.51% to 70,304, both benefiting from the AI- and semiconductor-led tone carried over from New York. SpaceX shares also extended their rally, returning Elon Musk to trillionaire status, CNBC reports. For the rest of the Asian session, follow-through buying in chip and AI names looks set to keep the regional tone constructive.
Macro — Treasury yields eclipse record equities
The US 10-year Treasury yield is holding at 5.311% (+3.4bp), with ForexLive citing Treasury yields at their highest since 2007 — a divergence from record-high equities that Deutsche Bank says cannot persist. In Australia, consumer sentiment slumped 4.7% to 80.4 in October after the RBA's latest hike, with Treasurer Jim Chalmers warning that rising global bond yields will pressure the federal budget and Westpac still pencilling in another RBA hike for November. Into tonight's NY open, the yield-versus-equities divergence remains the macro focus to watch.
Commodities — Crude firms off recent lows, gold steady
WTI crude is up 0.41% to $89.80, recovering off yesterday's $88.06 low, even as Aramco warns that global oil stocks may take about two years to rebuild and that Hormuz diesel flows remain scarce, ForexLive reports. Gold futures are little changed at $4,157.70 (+0.02%), holding well below yesterday's $4,259.00 high. For the rest of the Asian session, both commodities look set to stay rangebound absent a fresh catalyst.
Upcoming events
| Time (SGT) | Region | Event | Focus |
|---|---|---|---|
| 10/06 14:35 | JP | BOJ Gov Ueda Speaks | Watch for signals on an October hike; ForexFactory's listed time can run early or late versus the BOJ's own schedule |
| 10/08 02:00 | US | FOMC Meeting Minutes | Read-through on the pace of further hikes from September's decision |
| 10/08 20:15 | UK | BOE Gov Bailey Speaks | Any fresh guidance on the path for UK policy |
| 10/09 20:30 | CA | Employment Change (forecast 6.2K) | Canadian labour read stands in while US data stays scarce this week |
| 10/09 22:00 | US | UoM Consumer Sentiment (forecast 47.6) | US consumer mood alongside inflation expectations |