Asia ripped higher on chips and a soft yen, setting up a green US open ahead of ISM and tomorrow's jobs report.
Tokyo led, with the Nikkei up roughly 2.5-3.3% toward 68,800-68,950 as strong Micron earnings lifted the chip complex and the Tankan large-manufacturers index held near 24, a touch light of forecast but firm enough to keep the hawkish BOJ narrative alive. KOSPI added close to 1-2% toward 6,950-6,970 on tech buying, blockbuster September export growth, and the Korea-US energy investment headline. Hong Kong and mainland China are closed for Golden Week, so Hang Seng and CSI 300 levels are stale carryovers near 24,600 and 3,840 and won't trade until next week. USD/JPY pushed up through 158, yen weakness persisting even as BOJ officials flagged a faster hiking path, with intervention chatter building as the yield gap stays wide. USD/CNH is quiet with onshore shut.
US futures are green across the board into the open, Nasdaq leading on the chip read-through, with prediction markets pricing a high-probability up open. That's against a 10-year yield sitting near 24-year highs after the worst quarterly bond selloff this century, cushioned only by yesterday's softer core PCE. Today's prints are ISM manufacturing and jobless claims, both staging for tomorrow's payrolls.
The risk: a hot ISM print or a fresh push through cycle-high yields reprices the soft-landing trade and snaps the carry-driven Asia rally; watch USD/JPY near 158.5 for intervention risk and the 10-year for a break that flips futures before the cash open.