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Asian share markets stabilised somewhat on Tuesday after steep losses in the past 24 hours, while the U.S dollar remained elevated as investors considered the prospects interest rates would remain higher for longer in many developed economies. MSCI's broadest index of Asia-Pacific shares outside Japan bounced slightly 0.4%, after U.S. stocks ended the previous session with mild losses.
Asian share markets were trading mostly in negative territory on Tuesday, as investors anticipated a somewhat rocky road for China's unwinding of COVID restrictions and the prospect that U.S interest rates will rise higher than expected in 2023. MSCI's broadest index of Asia-Pacific shares outside Japan was down 0.2% after U.S. stocks ended the previous session lower.
Global stocks and bonds fell on Tuesday as a surprise policy tweak by Japan's central bank rattled investors already worried about the economic fallout of rising interest rates and lifted domestic bond yields to seven-year highs. The Bank of Japan (BOJ) widened the allowable band for long-term yields to 50 basis points either side of its 0% target, from 25 basis points previously.
The yen surged and Asian shares fell sharply on Tuesday after the Bank of Japan's (BOJ) decision to allow long term interest rates to rise more, a move analysts said could signal a step towards changing Japan's long-held yield curve control.