The Bank of Japan decided to keep its benchmark interest rate unchanged but hinted at reducing its purchase of Japanese government bonds. The central bank maintained short-term rates at 0% to 0.1% after its two-day policy meeting, with plans to potentially decrease bond purchases at the next meeting scheduled for July. This news caused the yen to weaken against the U.S. dollar and the yield on the 10-year Japanese government bond to fall to 0.929%.
Meanwhile, meme stock trader Keith Gill, also known as “Roaring Kitty,” appears to have increased his stake in GameStop to 9 million shares. Gill shared a screenshot of his E-Trade portfolio, showing his holdings and cash value, pushing his total portfolio worth over $268 million. Shares of GameStop surged in regular trading but dipped in after-hours trading, reflecting the impact of Gill’s increased stake.
In other news, software giant Adobe experienced a significant boost in its stock price, rising over 16% after surpassing Wall Street estimates for its second-quarter earnings. Adobe also raised its full-year earnings and revenue outlook, leading to positive investor sentiment. Tesla shareholders also reapproved CEO Elon Musk’s controversial $56 billion pay package, despite the measure needing court settlement. These developments in the financial markets reflect the dynamic nature of economic decisions and their influence on investor behavior.
