Business & Markets
Yen nears 2026 high as oil rise weighs on stocks
The yen extended its rally on Tuesday and moved close to its strongest level of 2026 against the dollar, while rising oil prices weighed on equities in Asia and Europe.
The Japanese currency briefly reached 152.89 per dollar, near the 152.10 level touched in February. It has climbed more than 4% against the dollar over the past week as traders increased bets on Bank of Japan interest rate hikes.
Investors were also watching US consumer price data due Friday. CME Group's FedWatch tool put the chance of a Federal Reserve rate increase at more than 60% after strong US jobs figures last week.
Oil added to inflation concerns. Around 0715 GMT, West Texas Intermediate was up 2.8% at $94.07 a barrel and Brent North Sea crude was up 1.7% at $98.62. The motorists' association AAA said average US diesel prices hit a record high Monday.
Stephen Innes at Quintex Intel said markets were weighing the risk of higher US and Japanese rates, oil near triple digits, possible capital returning to Japan and renewed tariff threats against Canada.
Technology stocks reversed after a positive morning. Seoul ended lower after earlier rising more than 2% on gains by chipmakers SK hynix and Samsung. Tokyo's Nikkei 225 closed down 1.7% at 66,269.33, Hong Kong's Hang Seng Index fell 0.3% and Shanghai's Composite rose 0.2%. London, Paris and Frankfurt opened lower.
Investors were also looking ahead to earnings from Oracle on Thursday for signals on the outlook for the artificial intelligence boom.
Update
Asian and European equities fell as oil prices rose, reversing earlier technology-led gains in some markets.
West Texas Intermediate was up 2.8% at $94.07 a barrel and Brent was up 1.7% at $98.62 around 0715 GMT.
Seoul ended lower after rising more than 2% earlier, while Tokyo, Hong Kong, Sydney, Singapore, Taipei, Wellington, Mumbai and Bangkok also fell.
London, Paris and Frankfurt opened lower.
Source note: AFP news report published on 8 September 2026 at 07:31:29 UTC.
Update
The yen extended gains Tuesday and briefly reached 152.89 per dollar.
The yen has risen more than 4% against the dollar over the past week.
CME Group's FedWatch tool showed a more than 60% chance of a Federal Reserve rate increase.
SK hynix rose 4% and Samsung gained 2.5%.
Around 0230 GMT, Tokyo's Nikkei 225 was up 0.1%, Hong Kong's Hang Seng was down 0.6% and Shanghai's Composite was up 0.4%.
Source note: AFP news report published on 8 September 2026 at 02:51:25 UTC.
Update
London closed down less than 0.1 percent, Paris closed up 0.3 percent and Frankfurt closed down 0.2 percent.
Brent crude was up 1.4 percent at $97.64 a barrel and West Texas Intermediate was up 1.6 percent at $92.90 around 1530 GMT.
Copper prices reached a record $14,533 a tonne.
Pepperstone analyst Chris Weston warned that conditions for a larger rise in volatility were building.
Source note: AFP news report published on 7 September 2026 at 15:52:03 UTC.
Update
London and Paris were slightly higher later Monday while Frankfurt fell.
AAA said average diesel prices in the United States reached a new record as Gulf refinery damage disrupted supplies.
The yen traded at its highest level against the dollar since February, and a Trade Nation analyst said the move raised speculation about possible Japanese intervention, without official confirmation.
Official data showed eurozone growth in the second quarter and a fall in German factory output in July.
Source note: AFP news report published on 7 September 2026 at 11:36:28 UTC.
Update
Later market figures around 0810 GMT put West Texas Intermediate crude up 0.4 percent at $91.87 and Brent up 0.9 percent at $97.10.
London's FTSE 100 was down 0.3 percent in morning trade, while Frankfurt and Paris also fell.
Manila and Jakarta were also listed among falling Asian markets.
Source note: AFP news report published on 7 September 2026 at 08:25:28 UTC.
Update
Samsung rose 5.7 percent and SK hynix rose 8.3 percent in South Korea.
Tokyo's Nikkei 225 closed up 2.1 percent at 66,399.84, while Seoul ended more than 4 percent higher.
SoftBank rose more than 11 percent.
London and Paris opened lower while Frankfurt edged up.
Around 0715 GMT, West Texas Intermediate was up 0.9 percent at $92.27 a barrel and Brent was up 1.0 percent at $97.28.
Chris Weston of Pepperstone said market conditions could support more volatility as the week progresses.
Source note: AFP news report published on 7 September 2026 at 07:31:29 UTC.
Uncertainty notes
Future Bank of Japan and Federal Reserve rate decisions remain uncertain.
The effect of Friday's US consumer price data on central-bank decisions is not yet known.
Source
AFP news report published on .