Holiday-Thinned Markets Hold Steady as Yen Firms and China Extends Rally

Overview

• Japan’s yen strengthened for a third session after Finance Minister Satsuki Katayama said the government stands ready to counter excessive currency moves.
• South Korea’s authorities reiterated they will act to prevent undue won weakness, with traders reporting a government foreign-exchange task force operating.
• The People’s Bank of China injected liquidity and reaffirmed a goal of keeping the exchange rate basically stable, helping support the yuan.
• Chinese equities extended gains, with Shanghai posting a seventh straight advance led by aerospace and robotics shares, while property stocks eased despite fresh easing in Beijing.
• European benchmarks hovered near record levels in shortened trading and U.S. stocks were little changed after an S&P 500 closing high, as volumes remained subdued.