- Asian stocks fell on Friday, following a sharp drop on Wall Street, amid concerns that pockets of trouble in the US banking sector could foreshadow larger risks.
- Treasuries' rally has been extended. After monetary policy remained unchanged, the yen fell and Japan's 10-year government bond yield fell comfortably below the top of the central bank's allowable trading band.
- An Asian equity index fell more than 1.5%, heading for its lowest close since early January. Finance stocks were among the worst performers after the collapse of Silvergate Capital Corp. and problems at Silicon Valley-based lender SVB Financial Group.
- Asian cryptocurrency shares fell, and the MSCI China Index fell as well, wiping out all of this year's gains.
- The Bank of Japan kept its policy balance rate at -0.1% and its 10-year yield target at around 0% at BoJ's Governor Kuroda's final meeting, as most economists expected. This removes one unknown for traders on Friday, but it does not change the long-term challenge the BOJ faces with bond market dysfunction and rising interest rates.
