Asian shares rise, yen climbs as BOJ battles bond bears

 Asian shares firmed on Monday as optimism about China’s reopening offset concerns the Bank of Japan (BOJ) might temper its super-sized stimulus policy at a pivotal meeting this week, while a holiday in U.S. markets made for thin trading.

The yen climbed to its highest since May after rumours swirled the BOJ might hold an emergency meeting on Monday as it struggles to defend its new yield ceiling in the face of massive selling.

Yet MSCI’s broadest index of Asia-Pacific shares outside Japan still added 0.9%, with hopes for a speedy Chinese reopening giving it a gain of 4.2% last week.

Chinese blue chips extended their rally with a rise of 2.0%, while the yuan reached its highest since July.