Asian stocks slip; yen firms as Ueda views boost rate hike

Stocks fell on Monday after a strong end to November as a bout of risk aversion gripped markets even as US rate cut optimism remained intact, while the beaten-down yen firmed and Japanese government bond yields surged to their highest since 2008.

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The spotlight in the currency market has been on the Japanese yen, which strengthened to 155.55 per US dollar as Bank of Japan (BoJ) Governor Kazuo Ueda provided the clearest signal yet that interest rate hike could be on the cards soon.

Mr. Ueda said in a speech to business leaders that the central bank would consider the “pros and cons” of raising rates at its next policy meeting in two weeks.

After a strong comeback for equities in November, when investors shrugged off worries of an artificial intelligence bubble, traders were looking for catalysts to continue any upward momentum, with the focus this week on economic data.