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Asia gets back up toward full speed on Thursday after many markets were closed for the May Day holiday, with the U.S. Fed's guidance, a surging yen and manufacturing PMIs from across the continent all serving as potential market sign posts.
This came after the Fed announced a more aggressive tapering of its quantitative tightening program than had been expected. Taken together, the overarching signal was dovish. Will Powell's dovish stance, certainly relative to the hawkish drum beat that had dominated markets in recent days, get investors dancing to a more upbeat tune?
Indeed, the yen staged an extraordinary rally in late U.S. trade on Wednesday, strengthening more than 2% past where it was just before the BOJ's policy decision last Friday.
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