Asia

An influential think tank linked to China's state council has reportedly recommended a slew of reforms for the world's No. 2 economy. 

Asian markets buckled badly on Thursday after the Federal Reserve heralded an eventual end to free money and China turned the screw on credit even as factory activity in the world's second largest economy hit a nine-month low.

Japan's central bank held off on new measures to help the bond markets, but said it would consider fresh steps to calm markets if borrowing costs spike again.

The International Monetary Fund said it does not see a weak yen as problematic if Japan's monetary easing is aimed at domestic goals.

China's factory activity shrank for the first time in seven months in May as new orders fell, entrenching fears that its economic recovery has stalled.

South Korean equities slumped for a fifth day in a row amid rising concern about tensions with North Korea.

The Bank of Japan maintained its pledge to increase base money at an annual pace of 60 trillion yen to 70 trillion yen.

China shares closed mixed on Friday but major indexes ended down for the quarter as disappointing company earnings and fears of policy tightening soured investor sentiment.

Despite a rate increase to 17%, the Russian currency hit record lows amid a perfect storm of low oil prices, looming recession, and Western Ukraine sanctions.

The decades of Western fiscal neglect and living beyond its means has led to the current security problem for Europe.  Now the piper has to be paid; the bill is due.  

With the focus on the Winter Olympics in Sochi and the showcasing of President Vladimir   Putin’s reinvented Russia, perhaps it is time to ask the question: should you buy Russian debt?