Asia shares extend gains; yen friendless as bonds buckle

Asian shares rose broadly on Monday tracking tech-driven gains on Wall Street, while the yen floundered near all-time lows against the euro and Swiss franc as higher interest rates piled pressure on Japanese government debt.

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Despite it being a holiday-shortened week for much of the world, momentum funds were still flowing to equities, precious metals and commodities ahead of delayed data that is forecast to show the US economy had continued to grow strongly in the third quarter.

Median forecasts tip annualized growth of 3.2%, due in part to a sharp pullback in imports after a run-up earlier in the year ahead of the introduction of tariffs.

Yet analysts at Bank of America had some words of caution, noting their measure of investor sentiment had moved into extreme bullish territory at 8.5, often a prelude to a reversal.

For now the fear of missing out seemed to be greater and S&P 500 futures added another 0.3%, with Nasdaq futures up 0.5%.