According to analysts at BBH, another North Korea missile launch failed to have much impact in the capital markets as the missile apparently flew the furthest yet, demonstrating its potential ability to hit Guam.
“However, there was not an immediate response from the US. South Korea said it had simultaneously conducted its own drill which included firing a missile into the Sea of Japan (East Sea).”
“The yen initially popped higher. The greenback fell to around JPY109.55 after briefly pushing through JPY111.00 in North America yesterday. The dollar quickly bounced off the 20-day moving average, which also coincided with a 38.2% retracement of this week's dollar gains (~JPY109.60). Good buying was seen and the dollar returned to the JPY110.80 by late in the Asia session.”
“Korea shares rose 0.35%, its fourth advance in the past five sessions, to bring the weekly gain to 1.8%. The rise came despite continued foreign liquidation. Foreign investors sold $305 mln worth of Korean shares ahead of the weekend, which was nearly half of the week's sales. The Kospi closed near its best levels in a month. The won, on the other hand, slipped around 0.4% over the past week. More broadly, the MSCI Asia Pacific Index rose about 0.6% on the week, its fifth weekly increase. This regional benchmark has had one losing week since early July.”
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