Asian stocks under pressure, yen set to be biggest gainer after Fed decision

May 4, strategists and fund managers said Asian stocks came under further pressure, while the yen may find new support. Vassili Serebriakov, foreign exchange and macro strategist at UBS, said, “The yen appears to be the biggest winner, with USD/JPY falling along with short-term U.S. bond yields.” to 120. “Markets will be looking for signs that the credit crunch is starting to affect economic activity and labor market data. And with the Fed signaling a pause in rate hikes at the meeting, any weakness in the data would reinforce the view that the tightening cycle is over.”