Stocks Wilt, Yields Firm on Re-pricing ‘High-for-Long’ Fed Rates

A woman uses a mobile phone in front of an electric board displaying the Nikkei stock average outside a brokerage in Tokyo, Japan, on June 14, 2023. Kim Kyung-Hoon/Reuters

LONDON—Global shares wilted and U.S. yields climbed multi-year highs on Friday after a week packed with central bank meetings signalled that the U.S. Federal Reserve’s interest rates would stay higher for longer.

The yen traded at 148.31 to the dollar, after falling sharply earlier in the day following the Bank of Japan’s decision to hold interest rates in negative territory, suggesting it was in no rush to phase out its massive stimulus programme.