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Yen firms as Japan weighs pension-fund push amid steadier oil

Japan’s 10-year JGB yield pulled back from a three-decade high as the finance minister said Tokyo will explore steps to encourage the country’s public pension fund to increase domestic holdings.

Reported · Written up by our desk · Major Pairs

Oil prices traded in narrow ranges after a tense period marked by renewed strikes in the Gulf and inside Iran, with traders appearing to pare back fears of direct threats to energy infrastructure, according to Forexlive.

The calmer tone contrasted with a risk-on session across Asian equities, where a rebound in AI-linked chip stocks helped lift Japan’s Nikkei by about 2% and the Topix by roughly 0.75%, while South Korea’s Kospi jumped more than 4%, led by gains in semiconductor, battery, and steel names.

The more significant move for Japan showed up in bonds and the currency: the 10-year JGB yield eased from a three-decade high and the yen strengthened after remarks from the finance minister that Tokyo will look at measures to encourage Japan’s giant public pension fund to substantially increase domestic asset holdings, Forexlive said.

In South Korea, the won initially slipped before recovering, after the deputy finance minister said the currency remains misaligned with fundamentals but that authorities have room to intervene, with supply and demand expected to improve later in the year as exporters’ dollar holdings flow back through forward markets, according to Forexlive.

Latest closeNikkei 225 66,819.05 ▼2.1%|Kospi 7,246.79 ▼5.3%

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