Stocks gained in Japan and Taiwan, lifting the MSCI Asia-Pacific Index 0.3%

Asian equities rose on Wednesday after capping their best quarter in 17 years amid a rally in chipmakers.

Stocks gained in Japan and Taiwan, lifting the MSCI Asia-Pacific Index 0.3%. Markets in Hong Kong are closed for a public holiday.

Brent edged 0.5% higher to around $73.30 a barrel in early Asian trading, recouping some of the losses from Tuesday that were driven by expectations Iran and US ceasefire would hold.

The markets have proven to be the ultimate grinder as they keep crushing it, despite a lot of hand-wringing that has gone along with this incredible rally that has endured deep sell-offs, the Iran war and a number of other outside influences, said JJ Kinahan at Cboe Global Markets.

Gold traded just under $4,000 an ounce. A Bloomberg gauge of the US dollar edged up for a second day, while Treasuries inched up. The yield on the benchmark 10-year declined one basis point to 4.46%.

The yen traded around 162.65 per US dollar after dropping to a 40-year low earlier this week.

The currency’s decline to a four-decade low against the US dollar left traders eyeing Japan’s next intervention threshold. After the currency broke through the 162 per US dollar level on Tuesday, strategists increasingly pointed to 163 and beyond, arguing the Finance Ministry may tolerate a weaker yen than it did in 2024.

Elsewhere, Tuesday’s US economic reports showed job openings were little changed in May, signalling labour demand remained steady, while consumer confidence edged higher in June as lower petrol prices helped offset concerns about the job market.

Central bank policymakers voted unanimously to leave interest rates steady at last month’s meeting.

Steady employment data and higher inflation readings have raised expectations that the central bank may need to raise rates later this year to tame price pressures. Officials will hold their next policy meeting at the end of July.