Asian Shares dip, Dollar at 7-month high after Yellen Comments

Asian shares dipped on Monday while the dollar held firm near seven-month high against a basket of major currencies after comments from Federal Reserve Chair Janet Yellen boosted long-dated US bond yields. MSCI's broadest index of Asia-Pacific shares outside Japan dipped 0.2 percent in early trade while Japan's Nikkei rose 0.2 percent. 

 

"Yellen's remarks are likely to lift Japanese bond yields too, which should support financial shares. The Nikkei is likely to be supported by a weak yen as well on the whole," said Masahiro Ichikawa, senior strategist at Sumitomo Mitsui Asset Management. 

 

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Yellen said on Friday the Fed may need to run a "high-pressure" economy in order to reverse damage from the global financial crisis that depressed output. Her remarks were not addressing immediate policy concerns directly and did not change prevailing view that the Fed is likely to raise interest rates in December.