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Asian stock markets were largely higher as Japan outperformed as the BoJ reaffirmed its commitment to yield curve control. US-listed Chinese stocks were down yesterday as the Renminbi weakened, which was the only explanation for the steep sell-off.
Profit taking after a strong move along with choppiness and volatility as volumes fall in advance of China’s weeklong holiday next week were likely factors leading to the slight decline as well. Remember that many institutional investors are underweighting the space, which means pullbacks like yesterday are an opportunity for them to rectify their underinvestment.
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