Chip stocks lift Asia, yen hits 6-month high

The Japanese yen reached its highest level since February amid rising expectations that the Bank of Japan will raise interest rates next week, supported by coordinated efforts to intervene in the currency market and strong demand for the currency. The market also saw a boost in Asian equities, especially Korean chip stocks, and oil prices increased following an Iranian agreement with Oman regarding passage through the Strait of Hormuz and increased Chinese demand. Meanwhile, higher energy prices are exerting pressure on central banks to raise interest rates and fueling inflation concerns. The 4.2% rise in the yen since the beginning of the month reflects growing expectations of a Japanese interest rate hike and expectations of continued global monetary tightening policies due to rising energy prices.

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