Asian stocks generally gained as led by Japanese shares. The G-20 group on Friday acknowledged that the BOJ’s monetary stimulus was aimed at defeating deflation, not at weakening the yen. Japanese yen slumped, with USD/JPY hovering at 100 level. In the commodity sector, the front-month contract for WTI crude oil recovered modestly to 87.9/88.5 after the sharp decline last week, while the Brent crude contract steadied at 99.3/100.18 after slumping to as low as 96.75 last Thursday.
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Japanese Yen Weakens Further after G-20 Meeting
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