South Korea’s Kospi gains 3.7%
Asian shares were mostly higher on Thursday as the intensifying war with Iran pushed Brent crude past $96 a barrel, according to the Associated Press. South Korea’s Kospi rose 3.7% as investors returned to stocks related to the technology sector.
The market movements reflected differing reactions to the Iran conflict and technology-sector demand.
In Japan, the yen remained near multi-decade lows against the U.S. dollar, adding to the economic pressure from higher energy costs. “Oil makes the situation more difficult because Japan imports most of its energy,” the Associated Press reported. “A weaker yen and higher crude prices arrive together like two waves hitting the same economy.”
The combination of a weak yen and rising crude prices has been a persistent concern for Japan’s economy, which relies heavily on imported energy. The dollar’s strength, driven by expectations that the Federal Reserve will keep interest rates higher for longer, has kept the yen under pressure.