Asian shares near 15-month highs on Tuesday

Asian stocks hovered near 15-month peaks on Tuesday, as investors awaited key US inflation data due later this week, as reported by Reuters.

The dollar rose against the yen as the Bank of Japan (BOJ) scaled back its bond-buying programme, pushing Japanese bond yields higher and the yen to a 156.4-to-the-dollar low.

MSCI’s broadest index of Asia-Pacific shares outside Japan edged slightly higher, reaching its highest level since early 2023 before paring gains.

Japan’s Nikkei inched up, while Hong Kong’s Hang Seng remained buoyant, up 30 per cent from January’s lows.

US equity futures pointed towards a flat open, with European markets expected to follow suit.

Investor sentiment hinged on Wednesday’s US Consumer Price Index (CPI) data, a crucial gauge of inflation.

A survey by the New York Fed showed Americans expect inflation to remain at 3.3 per cent a year from now, raising concerns about a potential peak in interest rates.

However, the euro was steady at $1.0786 and the Australian and New Zealand dollars kept to recent ranges, the Aussie at $0.6606 and kiwi at $0.6015.

The dollar strengthened against the yen, reaching its highest level since the beginning of the month. US Treasury yields remained steady.

Oil and gold prices remained stable, with Brent crude futures at $83.40 per barrel and spot gold at $2,339 per ounce.