U.S. stock futures turned lower before the market opened, South Korean stocks gave back gains, the Japanese yen fell, and the decline in spot gold narrowed

On Tuesday, Asian stock markets gave back their morning gains, while cautious remarks from the Bank of Japan regarding its inflation target led to a decline in the yen. The Korean won's depreciation against the dollar widened to 0.7%, and the South Korean stock market retraced its gains. S&P 500 index futures turned negative.

According to YuYuanTanTian news, the first meeting of the China-U.S. economic and trade consultation mechanism was held in London, UK, on the afternoon of June 9. YuYuanTanTian learned that the first meeting of the China-U.S. economic and trade consultation mechanism will continue on June 10 local time.

• S&P 500 index futures opened up 0.3% but then turned negative.
• The Tokyo Stock Exchange index rose 0.4%.
• The U.S. dollar spot index rose 0.2%. The euro fell 0.2% against the dollar to 1.1396. The yen fell 0.2% against the dollar to 144.88.
• The Korean won's depreciation against the dollar widened to 0.7%, and the South Korean stock market retraced its gains.
• The yield on the 10-year U.S. Treasury bond remained largely unchanged at 4.48%.
• The yield on Japan's 10-year government bond rose by 2.5 basis points to 1.480%.
• Bitcoin rose 0.7% to $109,505.11; Ethereum rose 3.8% to $2,688.49.
• Spot gold fell 0.3% to $3,316 per ounce.

The yen is facing additional pressure from domestic sources. Bank of Japan Governor Kazuo Ueda stated that the central bank is still some distance from its inflation target, a remark that helped accelerate the yen's weakness. The yen fell 0.2% against the dollar to 144.57.

Although Ueda also downplayed the possibility of any rate cuts to stimulate the economy, he mentioned that support may be needed for the economy, likely leaving the impression that the central bank's next rate hike is further away. As a result, the Nikkei 225 index rose nearly 1%.

The recent weakness of the dollar is shifting attention to several other assets. Platinum surged as the precious metals market came under pressure amid severe tightening signs. Last week, silver jumped to a 13-year high, and Bitcoin rose for the fifth consecutive day.

According to data compiled by Bloomberg, Bitcoin and the second-ranked cryptocurrency Ethereum have both risen for five consecutive days, with the latter rising by as much as 5% on Tuesday. Bitcoin rose 0.7% to over $109,500, less than 2% away from its all-time high.

Spot gold fell 0.3% to $3,316 per ounce.

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