Asian shares subdued, yen and yuan hover near 8-mth troughs

Asian shares were subdued on Thursday as central banks expressed concerns about rising inflation and the need for further rate hikes, leading to fears of official intervention. Markets in Singapore, India, and Malaysia were closed for holidays. Chinese blue chips and Hong Kong’s Hang Seng index fell, while Japan’s Nikkei gained. The offshore yuan remained weak, and US shares were mixed. Federal Reserve Chair Jerome Powell stated that the Fed will likely raise rates further and projected inflation wouldn’t stabilize until 2025. The market awaits the US Personal Consumption Expenditures index reading on Friday. The US dollar was stable, and the yen regained some strength. Oil prices were flat, and gold prices rose slightly.