The Japanese yen strengthened more than 2% against the dollar after reports of officials announcing a direct intervention to defend its currency.

That comes after the yen weakened to 145-levels against the greenback after the Bank of Japan’s decision to hold its rates steady.

Japanese vice finance minister for international affairs Masato Kanda told reporters that officials have taken “decisive action” in the exchange market, Reuters reported.

–Jihye Lee

Oil prices climbed following the Fed’s third consecutive rate hike.

Reuters also reported Chinese refiners are expecting the nation to release up to 15 million tonnes worth of oil products export quotas for the rest of the year, citing people with knowledge of the matter.

Brent crude futures rose 0.45% to stand at $90.24 per barrel, while U.S. West Texas Intermediate also gained 0.45% to $83.3 per barrel.

— Lee Ying Shan

Asian risk assets, especially export-oriented companies, will remain under pressure in the short term following the Fed’s rate hike, according to Tai Hui, chief APAC market strategist at JPMorgan Asset Management.

Tai added that a strong U.S. dollar is likely to persist, but tightening monetary policy in most Asian central banks — with the exception of China and Japan — should help limit the extent of Asian currency depreciation.

The U.S. dollar index, which tracks the greenback against a basket of its peers, strengthened sharply and last stood at 111.697.

— Abigail Ng

The Bank of Japan kept its interest rates on hold, according to an announcement posted on its website – meeting expectations forecasted by economists in a Reuters poll.

The Japanese yen weakened to 145 against the greenback shortly after the decision.

“Japan’s economy has picked up as the resumption of economic activity has progressed while public health has been protected from Covid-19, despite being affected by factors such as a rise in commodity prices,” the central bank said in the statement.

–Jihye Lee

Stock markets are down but the fund managed by Patrick Armstrong at Plurimi Wealth is continuing to deliver positive returns. The fund…