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June 30, 2026 – 01:19

(Bloomberg) — Asian stocks were poised to rise after a rally in technology stocks lifted gauges on Wall Street. The yen weakened to a four-decade low against the dollar.

Equity-index futures pointed to a strong open in Tokyo, with gains also seen in Taiwan and South Korea following a rally in shares of chipmakers in the US. The Philadelphia Semiconductor Index rose 3.8% on Monday, recovering from last week’s selloff. The S&P 500 rose 1.2%, while the Nasdaq 100 climbed about twice as much.

Meanwhile, the yen traded around 161.93 a dollar early Tuesday after depreciating to 161.98 versus the greenback in New York trading. The currency’s slide to the weakest level since 1986 will generate unease in Japan and put traders on high alert for authorities wading into the market.

“Intervention is right around the corner if we don’t see a quick correction,” said Andrew Hazlett, a foreign-exchange trader at Monex Inc. Still, intervention is “only a temporary fix if they do not address the interest-rate differential.”

Monday’s rebound in global stocks after the recent AI-driven selloff put equities on track for their best quarter in six years. Investors now turn their focus to geopolitical tensions and key economic data that may offer clues on whether the Federal Reserve will keep interest rates higher for longer.

In the US, the stock resurgence has defied skeptics, coming in the face of war, an oil supply shock and inflation jitters. Since bottoming three months ago, the S&P 500 has staged one of the swiftest rebounds this century, gaining 20% from its March 30 low to its June 2 peak — something it has done just three other times since 2000.

“The bounce we’re seeing is a welcome development for the bulls,” said Matt Maley at Miller Tabak. “We continue to believe strongly that the action in the tech sector will continue to be the main driver in the stock market.”

While tech doesn’t have to keep outperforming in a big way, the sector needs to refrain from declining in a significant manner due to its heavy weight in the S&P 500, he noted. Otherwise, individual investors could start “rotating” toward cash, especially after hearing so much talk about bubbles in the past year, Maley added.

Elsewhere, American crude held its advance before expected US-Iran talks in Doha. The commodity traded around $70.25 a barrel. Gold was little changed around $4,020 an ounce. The dollar slipped, and US Treasury yields were little changed during the New York session.

Attention in Asia will be on the yen. While the weaker Japanese currency has boosted exporters’ profits and helped propel the country’s stocks to record highs, it has also raised import costs, squeezed households and added to political pressure on Prime Minister Sanae Takaichi’s government.

The Bank of Japan lifted its benchmark interest rate on June 16 to 1%, the highest since 1995. Yet the impact was minimal, as traders expect the Fed to stay hawkish going forward.

What Bloomberg Strategists Say…

“Now that USD/JPY has cracked the much talked about 1986 level, price data from that year suggests the 164-to-165 area is where FX traders will be focused. Of course, should the pace of yen weakness quicken from here, then investors will be expecting Japanese authorities to step in with purchases of the currency.”

— Mark Cranfield, Markets Live Strategist. For full analysis, click here.

Meanwhile, President Donald Trump said peace talks with Iran are set to resume on Tuesday after both sides agreed to halt a series of tit-for-tat attacks over the Strait of Hormuz. The renewed strikes served as a reminder of the fragility of their truce.

Calm prevailed in the Treasury market as the US Supreme Court ruled that Federal Reserve Governor Lisa Cook can stay in her job for now, reinforcing the central bank’s independence from the White House.

“A Fed perceived as subject to political direction would likely introduce a persistent risk premium to US dollar-based assets,” said Michael Reynolds at Glenmede. “Removing that tail risk, even one that markets had only remotely priced, is a quiet but meaningful positive for the stability of the long-term rate outlook.”

Some of the main moves in markets:

Stocks

S&P 500 futures were little changed as of 8:13 a.m. Tokyo time Hang Seng futures were little changed S&P/ASX 200 futures were little changed Currencies

The Bloomberg Dollar Spot Index was little changed The euro was little changed at $1.1424 The Japanese yen was little changed at 161.92 per dollar The offshore yuan was little changed at 6.7990 per dollar The Australian dollar was little changed at $0.6888 Cryptocurrencies

Bitcoin was little changed at $60,265.27 Ether fell 0.3% to $1,611.05 Bonds

Australia’s 10-year yield declined two basis points to 4.73% Commodities

West Texas Intermediate crude fell 0.7% to $70.22 a barrel Spot gold rose 0.1% to $4,020.60 an ounce This story was produced with the assistance of Bloomberg Automation.

©2026 Bloomberg L.P.