Asia stocks fall as yen surges, Iran warns US of retaliation

SINGAPORE: A surge in the yen and mixed economic data sent Asian stocks lower on Tuesday, while fresh Iranian threats in the Gulf drove commodity prices and Treasury bond yields higher. The yen jumped as much as 1% to 152.89, its strongest level since February 18, as investors unwound an estimated $2.35 trillion in yen-funded carry trades. “The yen has rallied to its strongest level since February, driven by a sharp unwinding of short-yen and carry-trade positions as investors price in faster Bank of Japan tightening,” said Joel Kruger, market strategist at LMAX Group in London. “Speculation over capital repatriation…