The yen swung between losses and gains today in volatile trade, reflecting investors' nervousness after Tokyo was thought to have intervened to prop up the Japanese currency in the wake of a cooler-than-expected U.S. inflation report.
Moves in the yen against the dollar and other major currencies stole the spotlight, though in the broader market, Asian stocks were headed for a weekly gain on growing bets for a September rate cut from the Federal Reserve.
S&P 500 futures edged 0.06% lower, while Nasdaq futures fell 0.24% and EUROSTOXX 50 futures eased 0.08%.
MSCI's broadest index of Asia-Pacific shares outside Japan fell 0.3%, tracking a negative lead from Wall Street, after investors rotated into smaller companies but remained on track for a weekly gain of about 1.4%, helped by growing bets of imminent U.S. rate cuts.
The move spilled over to some Asian bourses, with Japan's Nikkei falling more than 2%, similarly dragged down by tech stocks. However, Hong Kong's Hang Seng Index rose 2%, while Chinese blue chips down 0.06%.
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