Yen Rises, Asian Stocks Mixed as Ueda Signals Potential for Further BOJ Rate Hikes

The Japanese yen strengthened as Bank of Japan Governor Kazuo Ueda reaffirmed the central bank`s commitment to raising interest rates if economic conditions align with their projections. This statement follows recent market volatility sparked by the BOJ`s July rate hike. Despite exceeding expectations, Japanese inflation remained steady, contributing to the yen`s rise. Meanwhile, Asian equities recovered from early losses, buoyed by gains in Chinese shares driven by government initiatives in the real estate sector. Market attention is now fixed on Federal Reserve Chair Jerome Powell`s upcoming speech at the Jackson Hole symposium, anticipated to provide clues about future US monetary policy.