(Bloomberg) — US stock futures edged higher as traders prepared for end-of-quarter rebalancing. The yen bounced from a 34-year low on speculation that Japanese officials may be preparing to intervene to support the currency.

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Officials from Japan’s Ministry of Finance, the Bank of Japan and Financial Services Agency met to discuss markets in their first three-way meeting since late May. After the talks, Japan’s top currency official Masato Kanda pledged to take appropriate action against excessive swings, saying he sees speculative moves behind the yen’s plunge. The yen strengthened 0.3%.

“The BOJ’s finger will be on the trigger for FX intervention,” said David Forrester, Singapore-based senior FX strategist at Credit Agricole.

In equities, S&P 500 futures contracts rose 0.4%, and Europe’s Stoxx 600 Index ticked up 0.1%. With stocks set to cap another strong quarter, pension funds are likely to sell an estimated $32 billion in equities to rebalance their positions, according to Goldman Sachs Group Inc.

While projections on pension flows vary widely on Wall Street, it could heap extra pressure on markets when trading volumes are thin around Easter. After the S&P 500 soared about 26% since late October, traders have flagged concern that positioning is stretched and stocks are more vulnerable to short-term profit taking.

Among the biggest stock moves, clothing retailer Hennes & Mauritz jumped as much as 14% after its profit beat estimates thanks to cost cuts, while payments firm Adyen NV got a boost from a broker upgrade.

Euro-area data showed an improvement in economic confidence, supporting expectations that the region can soon move beyond its recent weakness.

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In US premarket trading, Merck & Co Inc. rose after its Winrevair drug won US approval. Shares in Trump Media & Technology were set to extend gains following its debut as a public company.

Stocks have had a strong start to the year, with major benchmarks scaling record levels. The S&P 500 is set for its fifth month of straight gains, while Japan’s Nikkei 225 Index of shares closed within a whisker of its all-time high. Still, moves this week have been muted ahead of Friday’s release of the Federal Reserve’s preferred inflation gauge.

“I’m still rather positive on equity markets, as long as nothing changes in the broader picture, one can just go with the flow,” Francois Rimeu, a strategist at La Francaise Asset Management in Paris, said. He sees a possibility the rally can broaden toward other parts of the market, such as European or mid-cap shares, given “extreme” valuation gaps among technology and US stocks.

Treasuries steadied after rebounding from session lows on Tuesday following a $67 billion sale of five year-notes. The dollar was flat against its Group-of-10 peers, while the offshore yuan weakened.

Read More: Yuan Traders Stumped as China’s Key Daily Signal Clouds Over

Oil extended a decline after an industry report pointed to a sizable build in US inventories, and wider markets struck a weaker tone ahead of the end of the quarter. Gold steadied close to its record high.

Key events this week:

• Bank of England issues financial policy committee minutes, Wednesday

• Eurozone economic confidence, consumer confidence, Wednesday

• Fed Governor Christopher Waller speaks, Wednesday

• UK GDP revision, Thursday

• US University of Michigan consumer sentiment, initial jobless claims, GDP, Thursday

• Japan unemployment, Tokyo CPI, industrial production, retail sales, Friday

• US personal income and spending, PCE deflator, Friday

• Good Friday. Exchanges closed in US and many other countries in observance of holiday. US federal government is open.

• San Francisco Fed President Mary Daly speaks, Friday

• Fed Chair Jerome Powell speaks, Friday

Some of the main moves in markets:

Stocks

• S&P 500 futures rose 0.4% as of 7:28 a.m. New York time

• Nasdaq 100 futures rose 0.4%

• Futures on the Dow Jones Industrial Average rose 0.4%

• The Stoxx Europe 600 was little changed

• The MSCI World index was little changed

• S&P 500 futures rose 0.4%

• Nasdaq 100 futures rose 0.4%

• The MSCI Asia Pacific Index rose 0.2%

• The MSCI Emerging Markets Index fell 0.4%

Currencies

• The Bloomberg Dollar Spot Index was little changed

• The euro was little changed at $1.0833

• The British pound was little changed at $1.2636

• The Japanese yen rose 0.3% to 151.06 per dollar

• The offshore yuan was little changed at 7.2522 per dollar

Cryptocurrencies

• Bitcoin rose 0.4% to $70,077.01

• Ether was little changed at $3,574.93

Bonds

• The yield on 10-year Treasuries declined one basis point to 4.22%

• Germany’s 10-year yield declined four basis points to 2.31%

• Britain’s 10-year yield declined two basis points to 3.95%

Commodities

• West Texas Intermediate crude fell 0.6% to $81.13 a barrel

• Spot gold rose 0.8% to $2,196.57 an ounce

This story was produced with the assistance of Bloomberg Automation.

–With assistance from David Finnerty, Chiranjivi Chakraborty and Julien Ponthus.

(An earlier version of the story corrected the direction of offshore yuan.)

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