The Japanese yen weakened to a new 40-year low against the dollar on Wednesday, while Dow futures fell on Tuesday evening after the 30-stock index posted its best first half in five years.
The yen fell to 162.28 to the dollar, LSEG data showed, extending losses from the previous session as traders remained wary of possible intervention by Japanese authorities.
Asia-Pacific markets opened mixed on Wednesday. Japan’s Nikkei 225 rose 1.79%, while the broader Topix gained 1.07%. South Korea’s Kospi advanced 1.52%, but Kosdaq, a small-cap stock, fell 0.42%.
Australia’s S&P/ASX 200 was little changed, trading 0.05% lower, while China’s CSI 300 was unchanged at the open, SEEbiz reports. Markets in Hong Kong are closed for public holidays.
Heading into the second half of the year, Paul Hickey, co-founder of Bespoke Investment Group, said he still likes the sector, but it may be getting a little too hot.
“Longer term, we still like the semis, but I wouldn’t be aggressive on them. This bull market is an AI-driven bull market, that’s the theme. If this bull market is going to continue, it’s going to be led by technology and probably the semis, but they don’t have to win consistently, and you can’t get into that pattern forever,” he said on CNBC’s “Closing Bell: Overtime” Tuesday afternoon. “So, I think they’ve gone a little…long in that regard. So, maybe I’d take a break here.”
