Global shares edged up on Wednesday after the Bank of Japan rocked the markets by unexpectedly deciding to loosen its tight leash on government bond yields, with the yen then scoring its biggest one-day gain against the dollar in 24 years.
rose 0.1% on the day, although it is on track for a 4.4% decline in December. This year, the index is set to have fallen for eight out of 12 months, on a par only with 2008 for the number of monthly losses in a calendar year on record.
, the world's largest sportswear company, beat quarterly revenue estimates. U.S. index futures , rose between 0.5%-0.6%, suggesting some of this strength may carry through to the Wall Street open later. That triggered a leap in the yen, which had spent most of the year sliding because of Japan's low yields, as well as selling in Japan's stock market and a selloff for bonds around the world.
Fund managers are adopting an extremely cautious approach to the start of 2023 and, as such, trading conditions are thin and highly volatile.
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