Japanese yen touches 160 to the dollar; Asian stocks rise as Fed meeting approaches

The Japanese yen fell to 158.43 yen against the US dollar, recording its lowest level in 34 years.

On Friday, the Bank of Japan kept interest rates steady at the end of its monetary policy meeting and said it would continue to conduct bond purchases in line with the March decision.

Bank of Japan Governor Kazuo Ueda said later that day that if the yen’s movements affected the Japanese economy, it could be a reason to adjust policy.

Japanese stock markets are closed for a public holiday on Monday.

A European company known for its Bitcoin mining operations recently shifted its business model to focus on cloud solutions and data center infrastructure.

The company’s cloud division has been certified as an “elite” partner of Nvidia, making it one of the largest providers of Nvidia-based cloud services in Europe.

Investment bank Berenberg believes the stock could rise more than 50%, as the market largely ignores the cloud division’s potential.

CNBC Pro subscribers can read more here.

-Ganesh Rao

There is one dividend stock that Morningstar says is “undervalued” right now that is bullish over the long term.

She also identified it as one of her top picks for next year.

CNBC Pro subscribers can read more here.

-Weezin Tan

Oil prices rose on Friday to end a two-week losing streak, drawing support from concerns about tensions in the Middle East.

US West Texas Intermediate crude futures rose 28 cents, or 0.34%, to reach $83.85 per barrel upon settlement. Brent crude futures rose 49 cents, or 0.55 percent, to $89.50 per barrel upon settlement. The price of US crude oil rose by 0.85% during the week, while the global benchmark rose by 2.53%.

– Reuters

Alphabet shares traded at an all-time high on Friday, jumping nearly 10% after Google’s parent company posted first-quarter results that beat estimates. Additionally, the tech giant issued its first-ever dividend, as well as a $70 billion buyback.

Alphabet C shares rose to all-time highs, reverting to their special dividend on April 2, 2014, when the non-voting stake was created. It began trading on April 3, 2014. Separately, Alphabet A shares have reached all-time highs since their public debut on August 19, 2004.

Here are some other S&P 500 names that reached new highs:

• Chipotle Mexican Grill shares are trading at all-time highs since its January 2006 IPO
• GM shares are trading at levels not seen since March 2022
• Tractor Supply traded at all-time highs leading up to its IPO in 1994 after it was taken private by an LBO in 1982
• Colgate-Palmolive’s trading is at an all-time high since it was first listed on the New York Stock Exchange in 1930. The company was founded in 1806.
• Goldman Sachs has traded at all-time highs since going public in May 1999
• M&T Bank is trading at levels not seen since March 2023

– Sarah Main, Chris Hayes

The price of the US dollar rose to 156.896 against the Japanese yen, recording the highest level since May 10, 1990, when the dollar reached 157.21 against the yen.

Japan’s Nikkei index ended the week up 2.34%, its best week since March 22. When the Nikkei rose 5.63%.

– Hakyung Kim, Gina Francola