Business
ETMarkets PMS Talk | We analyse over 300 data points to identify alpha: Wright PMS’ Sonam Srivastava
In an interaction with Kshitij Anand of ETMarkets, she said the firm analyses more than 300 data points—from valuations and earnings momentum to macroeconomic indicators and sectoral trends—to identify alpha-generating opportunities.
She also shared how Wright PMS dynamically adjusts its allocations across factors and sectors, with current preferences tilted towards data centre-linked plays, power transmission, select pharma stocks and domestic-facing themes. Edited Excerpts –
Kshitij Anand: Can you take us through the performance of the fund vis-à-vis the benchmark in the recent period?
Sonam Srivastava: See, we have two funds: one is the Factor Fund and the other is the Alpha Fund. Our Factor Fund has had a good run. We are now almost three years since inception, and the fund has delivered close to a 20% CAGR compared to around 11% by the market. So, it has performed very well since inception.
Over the last one year, we have been able to beat the benchmark by around 10%. Even over six months, three months, and one month, we are outperforming the benchmark. The reason for this is our tactical, quantitative approach. We were able to shift into the right set of sectors.
We have significant exposure to companies in the data centre space, power transmission, etc., which our factors and models picked up. That is why the performance has been strong.
Kshitij Anand: Can you explain what factor investing means in simple terms and why you believe it can outperform traditional stock-picking strategies?
Sonam Srivastava: See, factor investing is something that people have been doing for years. Factor investing essentially means trying to understand the underlying forces in the market that drive returns.
There are some very well-known factors, such as valuation—anything that is undervalued tends to outperform; growth—anything that is growing fast tends to attract investors; quality—high-quality companies attract investors; and behavioural factors like momentum, where stocks that pick up a trend tend to attract investors.
What factor investing does is try to break down these metrics for each stock. It is a very good quantitative way to look at the market. While four or five factors are widely known, we try to dig deeper and identify what else we can look at.
We analyse more than 300 data points. For example, we may have factors that identify the impact of inflation, showing which stocks are likely to be affected by inflation and which are not, or which stocks have exposure to North America or Africa, and so on.
So, there can be a very interesting set of factors, and we believe it is a very effective approach to gain a holistic understanding of a stock and the different forces influencing it. Through that, you can generate alpha. A lot of people associate factor investing with passive funds.
While that approach also has its own value, you will find that in one scenario, a momentum fund can be a great investment opportunity, while in another, a quality fund may be more attractive.
However, our approach is more active in nature—we actively evaluate factors, and we believe that can generate meaningful alpha over the long term.
Kshitij Anand: Let us look at this more deeply now. The fund mentions dynamic asset allocation between equity, factors, bonds, and gold. So, what indicators determine these allocation shifts, and how frequently do they occur?
Sonam Srivastava: See, again, it is a very interesting question. There are two parts to it. First of all, getting the right set of factors. As I said, we are not constrained to only five factors or 10 factors.
We are looking at anything and everything that is interesting. And even if you are looking at valuation, it does not have to be the PE ratio. It can be any other metric that makes more sense. So, that is the first part.
Second, we look at something called a market regime. Is it a growth market, a consolidating market, or a market where there is capitulation and things are falling sharply?
What you will see is that throughout the market cycle, certain sets of factors work well in different phases. For example, quality works well when the market is falling. Secondly, once growth starts from the bottom, you will see value stocks doing well. And when growth really picks up, momentum stocks tend to do extremely well.
So, we try to model that market regime using macroeconomic indicators. Again, we do everything quantitatively. We look at metrics such as liquidity in the market, sentiment, and valuations, etc., to identify which regime we are in.
Once we know the regime, based on that we modulate the amount of risk we are going to take. If we are taking less risk, quality automatically gets more weight. And if we are taking more risk, momentum automatically gets more weight.
Kshitij Anand: Good that you mentioned the quantitative and qualitative aspects. So, how do your quantitative models adapt during periods of extreme market volatility, such as geopolitical events or the sudden economic shocks that we have seen recently?
Sonam Srivastava: See, I think that is a very, very apt question for today’s time, and we have seen this throughout the cycle. I will give you some context here. We started the PMS three years ago.
The first one-and-a-half years after starting were probably the best period. It was like the peak, and I think we were among the top-performing funds. We did extremely well.
Then, when volatility hit last year, it did have an impact because in 2025, almost anything and everything got affected. So, there have been lessons as well.
What happens during volatile periods is that our strategy starts allocating more towards lower-risk factors such as quality and adopts a more defensive stance. Throughout 2025, we saw that the allocation was relatively more defensive.
Eventually, we started adding more exposure to sectors such as cement and chemicals, and towards the end of last year, we significantly increased our allocation to industrials. So, the portfolio adapts with the market. But yes, the models definitely handle such situations really well.
Kshitij Anand: Now, with the portfolio turnover of around 250%, how do you balance active management with transaction costs and tax efficiency?
Sonam Srivastava: That is also a very good question. See, if you look at any active manager, they tend to have a decent turnover. Many active managers, even in the traditional space, have turnover north of 150% or so.
Some value investing funds, on the other hand, typically have very low turnover because they buy a stock and hold it for a long time before selling it.
When we are working with data, what happens is that if we simply let the data run, it changes every day, which can lead to very high churn. In fact, 250% is actually quite low. So, what we do is implement turnover controls.
We try to strike a balance between the amount of returns we can generate and the level of churn we can afford. We aim to find that sweet spot, and we believe 250% is a very reasonable figure.
If you look at some other quant funds, I have heard of managers reporting turnover of 600%. So, ours is a decent number, and we think it is justified. For example, last year we saw a lot of churn from defensive sectors into industrials, which was completely justified because that is what has been working in the market.
Kshitij Anand: Earlier in the conversation, we spoke about factors. Are there any specific factors, such as momentum, value, quality, or low volatility, that currently dominate your allocation, or does the model decide that dynamically?
Sonam Srivastava: As I was telling you, I recently wrote a newsletter about this. We carried out a detailed analysis of the macroeconomic environment, and the picture is mixed. Obviously, we are seeing some recovery in sentiment with the Iran deal coming in, and there could be some euphoria going forward.
However, if you look at factor trends and dispersion—which means the difference between the top-performing momentum stocks and the least-performing momentum stocks—you will find that price momentum, earnings momentum, where we track the growth projections of stocks and how they are evolving, and value are the factors that are working really well right now.
On the other hand, low volatility and quality are currently underperforming for some reason. We are also seeing that plain beta is not working because there are so many forces at play. You have developments related to Iran, domestic factors like El Niño, and broader domestic market churn.
So, simply relying on beta will not work. You have to be very strategic, and that is where these factors have helped us identify the right set of stocks.
Kshitij Anand: Given the current market valuations, where do you see the best opportunities for factor-based investing over the next, let us say, 12 to 18 months?
Sonam Srivastava: As you mentioned, we are currently recovering from a weak market phase. Typically, during such recoveries, you will see momentum and earnings momentum deliver stronger returns.
In terms of market segments, what we have observed within our own strategies is a significant allocation towards stocks with exposure to the data centre theme. For example, we hold one stock, MTR Technologies, which has gone up nearly three times in our portfolio in 2026.
We also have exposure to several companies in the power transmission segment that are benefiting from the data centre opportunity, and they have been performing very well.
More recently, I have also started seeing pharma names emerge in our models, along with a few consumer stocks.
Kshitij Anand: Does factor-based investing work better in a bull market, a bear market, or a sideways market?
Sonam Srivastava: See, factor-based investing is just an umbrella term. It can mean many different things. There can be a quant investor or a factor-based investor who focuses only on quality.
There can be a factor investor who focuses only on momentum. We know there are some people who only do momentum, some who only do quality, and others who only focus on growth.
So, there is a whole spectrum of approaches. And because of that, you will have managers who outperform in different market conditions.
If somebody has a quantitative focus only on quality, they will do well in volatile markets. Somebody with a quantitative focus on momentum will do well in a bull market but may struggle when the market becomes volatile.
So, it is a broad term. We did have exposure to momentum in 2025, which is why we saw a correction, and then we gradually shifted towards quality. Now, momentum has started picking up again.
The reason I started Wright Research is because I believe that if I can make the correct tactical allocation through these factors, then I can identify the right strategy for every market.
It is very difficult to do because you not only have to focus on factor strategies but also identify the type of market you are in. It can be tricky, but that is our approach. If we can do that correctly, then we can obviously generate higher alpha. So, I believe factor investing has that potential.
Kshitij Anand: Are there any sectors that are looking attractive to you at this point in time?
Sonam Srivastava: Sectorally, we are at an interesting stage. We have seen a good run-up in the themes I was talking about earlier, such as proxy AI plays like data centres. We have witnessed a very strong bull run there, and we are still allocated to that theme.
We also had exposure to metals, although we have reduced it slightly in recent times. On the consumer side, we have picked up a few names, as well as some pharmaceutical stocks, where we are seeing a lot of stability and growth.
In the consumer space, we prefer specific names rather than the entire basket because factors like the monsoon could have an impact. However, certain companies are definitely doing well.
We do not have any exposure to IT at the moment. In banking, we have exposure to a few NBFCs, and we believe there is some positive news flow on the NBFC side as well. Broadly, that is the kind of exposure we currently have.
Kshitij Anand: So, more domestically oriented sectors, actually.
Sonam Srivastava: Yes, there is a strong domestic orientation. I will also share the newsletter with you. We analysed what worked and what did not work over the last year.
We found that companies with exposure to the US dollar or the US market itself have not performed particularly well. However, companies with exposure to Europe, the Middle East, and Africa have delivered better performance during the same period.
(Disclaimer: Recommendations, suggestions, views, and opinions given by experts are their own. These do not represent the views of the Economic Times)
BOJ Governor Ueda’s comments at news conference
Asset tracking is still too often treated as a back-office admin task, despite it being one of the most effective ways to improve efficiency, reduce waste, and protect margins.
Whether a business is managing vehicles, tools, equipment, IT devices, or stock, the ability to know where assets are and how they’re being used has a direct impact on performance. Without this visibility, businesses are more likely to waste time, overspend, and make decisions based on incomplete information. Effective Asset tracking provides businesses with better visibility into the location, condition, and usage of their valuable resources.
The hidden cost of poor visibility
Poor asset visibility can lead to problems, including:
- Missing items
- Overuse of some equipment
- Delayed maintenance
- Time wasted by staff searching for items that should be easy to find
Over time, these inefficiencies can become a significant financial drain. An accumulation of delays, replacements, unnecessary rentals, and administrative effort chips away at a company’s profitability. Asset tracking helps bring these hidden costs into view, giving leaders a better foundation for action.
Better control = better decisions
When businesses can clearly see their own assets, they’re in a stronger position to make smarter decisions. They can identify when equipment – be it laptops, tools or HGVSs – is being overused, underused, or left idle. This means they can plan maintenance more effectively, spend more strategically, and improve how they allocate these assets across teams or locations.
This is especially valuable for businesses operating across multiple sites or branches, or that have remote staff. In these environments, assets move frequently, and responsibility can become blurred. Tracking creates a clearer record of what’s available, where it’s gone, and who’s responsible for it.
Supporting growth without adding waste
As businesses grow, asset management becomes more complex. What once worked informally begins to break down when more people, locations, and processes are involved.
Without a strategic approach to asset tracking, businesses often end up compensating for poor visibility by buying more equipment than they need or holding excess stock “just in case”.
Asset tracking helps businesses scale more cleanly by making better use of what they already own. It also supports more accurate forecasting, as leaders will have a clearer picture of asset usage, lifecycle needs, and replacement planning.
What to look for in a fit-for-purpose solution
The right asset tracking solution for your business should match the scale, pace, and complexity of your organisation, rather than creating more admin.
Here’s what to look for:
- Real-time visibility: Business owners should look for a platform that offers real-time asset visibility, so location and status are always up to date. This is particularly important where assets move between sites or are used by different teams.
- Automated alerts: Geofencing, motion detection, and tamper notifications all ensure employees are informed quickly if an asset moves unexpectedly or is at risk.
- Clear reporting and analytics: Business leaders need more than a live map; they need real data they can use to inform strategic decisions. A good solution will provide clear reporting and analytics to help employees identify underused assets, support resource planning, and improve utilisation over time.
- Ease of use: If it’s complicated to record an asset or update its status, system adoption rates may be low. The right solution should be straightforward for teams to use consistently, whether they’re in the office, on site, or on the move. Mobile access, simple tagging, and centralised records all help reduce friction.
- Scalability: A system that works for 20 assets may not work for 200, so business owners should look for a solution that can grow with the organisation, support more users, and handle more data, without becoming cumbersome.
Sector spotlight: where asset tracking really earns its keep
The benefits of asset tracking become even clearer when you look at how poor visibility plays out in certain sectors. The impact is different in construction, equipment hire, and fleet operations, but the underlying problem is the same: without trustworthy asset data, it’s harder to protect time, budget and service.
Construction: controlling tools and on‑site equipment
Construction sites are busy, fluid environments. Tools, plant and smaller pieces of equipment move between areas and contractors throughout the day, making them particularly vulnerable to being misplaced or taken off-site.
Giving each item a clear digital record and movement history helps reduce these blind spots. Instead of manually checking stock levels or chasing kit by phone and email, managers can see what’s on site, what’s been moved, and what was not returned when expected.
Asset tracking can also support insurance and incident handling. Claims for stolen tools can be slow and difficult if there’s no proof of ownership or last known location. Location history and movement records provide stronger evidence, making it easier to demonstrate when and where an item was last seen.
In an industry where power tools and small plants are frequent targets for theft, visibility acts as both a deterrent and a recovery aid, helping keep projects on schedule and costs under control.
Equipment hire: protecting availability and revenue
Hire businesses rely on assets being out earning and then being returned on time. In reality, hired items are sometimes returned late, not returned at all, or moved between customer sites without the hire company’s knowledge. Each of those scenarios cuts into availability, utilisation, and revenue.
Asset tracking gives hire teams a near real‑time view of where their equipment is, whether it’s on hire, idle at a depot, or sitting at a customer site longer than expected. That makes it easier to follow up before returns slip, to spot assets that could be redeployed, and to maintain more accurate utilisation figures without constant manual audits.
It also strengthens the evidence base when there are disputes. If a customer claims equipment was returned or not used at a particular location, a clear location history helps resolve the issue quickly and fairly.
Over time, this kind of oversight reduces the risk of assets quietly disappearing and gives hire firms a practical way to locate and recover missing items.
Fleet management: covering the gaps in vehicle-only tracking
Fleet operations often focus on vehicle‑level telematics, but that doesn’t always provide the whole picture.
In some cases, vehicle trackers can be disabled, damaged, or removed by thieves, leaving transport teams without a clear view of where a stolen vehicle has gone. A discreet backup tracker elsewhere in the vehicle, or on associated assets, offers a second point of recovery if the primary unit is compromised.
There’s also the question of what happens to the high‑value items inside the vehicle. Tools, equipment, portable machinery and even cargo can all be removed from a van or lorry, at which point vehicle‑level tracking no longer helps. Tagging individual items or containers extends visibility beyond the vehicle itself, so operations teams can see where those assets end up and respond faster if they move without authorisation.
For lower‑value vehicles or trailers, simpler, lower‑cost asset tags can provide useful protection and operational data, without the significant cost. This combo of vehicle tracking and asset‑level insight gives fleet managers a more resilient way to keep track of what matters most, rather than relying on a single device per vehicle.
A practical advantage, not just a technical one
The true value of asset tracking is operational. It helps businesses save time, improve accountability, and overcome obstacles that slow work down. For many organisations, this can translate into better customer service, improved staff productivity, and stronger margins.
It also supports compliance and audit readiness by creating more reliable records. When assets are properly tracked, businesses are better placed to demonstrate control, answer questions quickly, and reduce the risk of errors.
Why asset tracking should be a priority
Visibility is a strategic business advantage. Companies that know what they have and how it’s being used can operate with more confidence than those relying on spreadsheets, guesswork, or outdated records.
Asset tracking is not just about preventing loss; it’s about creating a more disciplined, efficient, and informed business. For organisations looking to protect profit while supporting growth, asset tracking is a priority worth taking seriously.
Despite the weak bottom line, revenue from operations rose 7% year on year to Rs 2,303 crore, compared with Rs 2,158 crore in the corresponding quarter of the previous fiscal, according to the company’s investor presentation.
The company’s earnings before interest, taxes, depreciation and amortisation (EBITDA) fell 69.08% year on year to Rs 69.5 crore from Rs 224.8 crore, missing Street estimates of Rs 219 crore by 68.26%. EBITDA margin contracted sharply to 3.02% from 10.42% a year ago and also fell short of Street expectations of 9%.
Order inflow increased 2% year on year to Rs 2,809 crore from Rs 2,748 crore, while the total order book stood at Rs 14,045 crore as of June 30, up 23% from a year earlier.
Thermax weak outlook
The company’s outlook also remained subdued. Thermax said performance in the Industrial Products segment was affected by higher input costs and lower export sales. Order booking and backlog in the Industrial Infra segment declined mainly due to weaker demand, while the ongoing conflict in West Asia continued to weigh on trade sentiment and regional capital expenditure, pointing to softer near-term demand in the Middle East.
The company also highlighted rising cost pressures during the quarter. Between April and June 2026, prices of flat and structural steel, tubes and pipes strengthened due to uneven demand-supply dynamics. Non-ferrous metal prices remained highly volatile amid global supply concerns and changing industrial demand, while movements in the U.S. dollar against the rupee further increased imported material costs and overall cost volatility.
(Disclaimer: Recommendations, suggestions, views and opinions given by the experts are their own. These do not represent the views of Economic Times)
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In the flexi-cap category, the largest by assets under management (AUM), the top-performing scheme, Quant Flexi Cap Fund, returned 12.29% over the past year, while the worst performer, Samco Flexi Cap Fund, lost 5.75%.
The divergence was even wider in the small-cap category, where Trust Small Cap Fund gained 27.39%, while Tata Small Cap Fund fell 5.08%.
Wealth managers said the divergence reflects a market that has rewarded stock-specific bets, while traditional sectors such as banks and information technology have lagged. Segments such as defence, power and capital markets, on the other hand, have outperformed.
Read more: AI selloff knocks South Korea, Taiwan down global market cap rankings
“The markets have rewarded stock pickers in the last year, with individual stocks in new age sectors getting bigger,” says Sandeep Bagla, chief executive officer, Trust Mutual Fund. “Portfolios with allocation to companies in defence, data centre, premium consumption and financialisation of savings did well, while those in private banks, traditional IT lagged.”
Agenciesspecific bets work Sectors such as banks & IT lagged; defence, power & capital markets outperformed: wealth managers
Selecting the right fund has been a challenge for investors as it goes beyond shortlisting investments based on past returns alone.
“Investors need to understand the style of investing, track record of the investment team in terms of which cycle they are able to play well, portfolio construct and suitability, analyst team strength and coverage universe of stocks,” says Nirav Karkera, head of research at W by Groww.
Some distributors said the gap tends to narrow over longer periods. “Fund managers use strategies that work out over a period of time. Investors who go through a full cycle will see return differentials between schemes narrow over a 3-5 year period,” explains S Shankar, CFP, Credo Capital, a mutual fund distributor.
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Rosalind Wright has had two children at Broomfield Hospital and said parking was already a “nightmare” without the cost increase.
She estimated she had about 10 appointments for scans, vaccinations and blood tests, and spent between £50 to £100 to park the car.
The 39-year-old described the 20 minutes of free parking “pointless”.
“I think you’d be hard-pressed to find anybody that ever got in and out of Broomfield Hospital in 30 minutes, so it always seems like a bit of a pointless kind of advertisement,” she said.
“Your appointment’s never on time… I typically would pay three hours for what would probably be a five-minute appointment,” she said.
Some people living nearby the hospitals rent out their driveways to visitors.
JustPark is one platform that provides this service and it told the BBC that 35 spaces were listed within 2km (1.24 miles) of Broomfield Hospital, including six within 500m.
The spaces cost a daily rate of £6.15 on average, compared with £4.52 average daily rate to park elsewhere in Chelmsford.
Natasha Kerrigan, the chief estates and infrastructure officer for the MSENFT, said it was the first increase in three years and some visitors would not have to pay for parking.
She added patients and visitors could also apply for a weekly parking concession ticket.
“[Including] patients receiving chemotherapy, people visiting patients at the end of their life, birthing partners, carers supporting patients with dementia and disabled parking for Blue Badge holders.
“We recognise that any increase in charges is unwelcome, but the costs associated with operating and maintaining our car parks have increased,” she said.
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Trump announces a deal for Hamas to disarm in Gaza, but many hurdles and uncertainty remain
The White House announcement comes nine months after a U.S.-brokered ceasefire was signed. Negotiations between Israel and Hamas had largely deadlocked over the implementation of its second phase, including the disarmament of Hamas and the reconstruction of Gaza.
“The agreement will be carried out in carefully structured phases,” Trump said on social media. “As disarmament is completed, Israeli forces will withdraw, and the International Stabilization Force will work with a new Palestinian police force to take responsibility for Gaza being safe for its residents and its neighbors.”
Trump’s 20-point ceasefire plan calls on the Iran-backed militant group to surrender its weapons and destroy its vast network of tunnels. It also envisions Israeli forces withdrawing from Gaza, the arrival of a new technocratic Palestinian government, deployment of an international security force and the rebuilding of the battered Palestinian enclave after more than two years of war.
But Hamas had insisted on implementing the first phase before moving to discuss its weapons. The group’s founding charter calls for armed resistance against Israel, and it has been reluctant to give up an arsenal, including rockets, anti-tank missiles and explosives, that lies at the heart of its identity.
Hamas announced earlier this month that it had dissolved its government in Gaza and was preparing to transfer power to a technical committee backed by the United Nations as part of the ceasefire deal.
U.S. and Board of Peace officials, describing the deal to reporters on condition of anonymity under guidelines set by the White House, gave an extremely optimistic assessment of the agreement that laid out a scenario very similar to the one described by Trump and his top aides when the Board of Peace, an international body established by Trump to oversee the ceasefire in Gaza, was first formed.The officials were unable to offer specific timelines for the disarmament of Hamas or other groups that operate in Gaza such as Palestinian Islamic Jihad, but said the Gaza police force would turn over weapons to the technocratic Board of Peace-backed Gaza administration in the next two weeks.
The Gaza police force, however, does not include the vast majority of Hamas militants and heavy weaponry is not included in that part of the agreement, according to the officials.
Instead, the surrender of heavy weapons and the decommissioning of Hamas tunnels and other infrastructure are to come later in a process that could take between 200 and 350 days, a Board of Peace official said.
A U.S. official said that Israel, which has been deeply skeptical about Hamas’ willingness to give up its guns or relinquish at least behind-the-scenes control of Gaza, had been consulted at every step of the negotiation.
However, the official said Israel was not being asked to do anything more than what it had initially committed to when it agreed to Trump’s 20-point plan, which essentially involves withdrawing its forces from Gaza and committing to ending airstrikes on the territory.
Israel’s U.N. Mission said it had no immediate comment.
The official added that Hamas sponsor Iran remains a wildcard in the equation because although it counseled Hamas members not to accept a deal, it is also not in a position to offer the group much support because it is preoccupied with the conflict with the United States.
The war in Gaza began after the Hamas-led attack on southern Israel on Oct. 7, 2023, killed around 1,200 people and saw 251 taken hostage. Israel’s retaliatory offensive in Gaza has killed more than 73,000 Palestinians, including those killed since the ceasefire, Gaza’s Health Ministry said.
Israel’s military now controls more than half of Gaza, leaving Palestinians confined to squalid tent camps and heavily damaged urban neighborhoods.
U.S. futures edged higher and oil prices slipped.
In early Asian trading, the Kospi surged at the open and ratcheted up, trading 16.5% higher before giving up some of those gains. By midday it was up 14% at 6,376.68. Shares of South Korean technology giant Samsung Electronics surged 21%, while memory chipmaker SK Hynix soared 24.6%.
The Kospi index had sunk more than 17% in the previous three days as investors dumped technology stocks in part over worries about an AI bubble and rising competition from chipmaking and AI rivals in China.
The rebound followed Microsoft’s report Thursday of stronger than expected profits for the last quarter. Microsoft’s shares soared 15.5% for its best day in nearly 18 years. The strong earnings were taken as a signal that big spending on AI is translating into profits.
Traders flooded back into the market to snap up shares in tech companies that had recently swooned over doubts that the huge investments will yield adequate returns.
Despite the big jump Friday, the Kospi remains well below the peak of over 9,000 that it hit in June.Tokyo’s Nikkei 225 climbed 4.4% in early Friday trading, to 64,572.25. Multinational investment holding company and OpenAI-investor SoftBank Group jumped 15%, while chip equipment maker Tokyo Electron rose nearly 11%.
“The market went from throwing AI stocks overboard to fighting for the remaining seats before most traders had finished writing the obituary,” Stephen Innes of SPI Asset Management said in a commentary.
The dollar fell sharply against the Japanese yen overnight due to suspected intervention in the market after weeks of it trading above 160 yen, near 40-year highs.
Japan’s Nikkei financial newspaper said the intervention was coordinated, with the Federal Reserve Bank of New York conduction what is known as a “rate check” in which it asks various banks to provide exchange-rate quotes for currency trades.
The Treasury Department did not respond to requests for comment. Japanese Finance Minister Satsuki Katayama also declined to comment.
After dropping more than 2.4%, the dollar bounced back early Friday, gaining 0.6% to 160.61 yen.
The Bank of Japan opted to keep interest rates unchanged Friday as it wrapped up a policymaking meeting. That was expected. Analysts said the suspected intervention may have been timed to pre-empt speculative moves linked to the central bank’s decisions.
“Intervention in support of the yen may not work any better now than it has previously, but the persistence of the Japanese authorities suggests to us that the yen will remain around the 160 level this year before staging a more sustained rebound next year,” Jonas Golterman of Capital Economics said in a commentary.
The Federal Reserve likewise kept its benchmark rate unchanged at its policy meeting this week. A gap between interest rate levels in Japan and the U.S. has been a key factor behind the yen’s weakness.
The euro fell to $1.1513 from $1.1524.
Elsewhere in Asian share trading, Taiwan’s Taiex surged more than 7%. Australia’s S&P/ASX 200 added 0.4%, to 8,997.50.
Hong Kong’s Hang Seng edged 0.1% higher, to 25,894,21, while the Shanghai Composite index advanced 0.6% to 3,828.00.
Oil prices traded lower as tensions between the U.S. and Iran keep the Strait of Hormuz, a key waterway for oil transport, largely closed.
Brent crude, the international standard, was down 1.3% to $85.76 per barrel. It was trading near $72 a barrel before the Iran war began in late February.
Benchmark U.S. crude was down 1.5% to $82.32 a barrel.
ING commodities analysts said Friday that there were signs of increased oil flows through the Strait of Hormuz, which helped ease the pressure on oil supply, with ship tracking data showing tanker crossings grew slightly, though the numbers were still limited.
On Thursday, Wall Street’s benchmark S&P 500 gained 1.7% to 7,437.63. The Dow Jones Industrial Average added 1.2% to 52,208.06. The technology-heavy Nasdaq composite rose 2.8% to 25,122.18.
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