Asian stocks inch higher, fragile yen spurs intervention worries

Asian stocks rose on Wednesday, buoyed by Japanese shares, as investors braced for a snap election in Japan that could lead to more fiscal stimulus, while worries about central bank independence and benign US inflation data whipsawed currencies. Geopolitical tensions across the globe lifted gold to a record peak and sent oil prices higher as US President Donald Trump urged Iranians to keep protesting, saying help is on the way. Iran in turn accused Trump of encouraging political destabilization and inciting violence. The Japanese yen hit its weakest level since July 2024 at 159.415 per dollar in early Asian hours, as the threat of a market intervention resurfaced. Local media reported that Prime Minister Sanae Takaichi was considering calling a on February 8.