Asian currencies have strengthened as investors question the effectiveness of the U.S. Treasury's bond buyback strategy, a program to repurchase government debt. The Treasury's announcement of increased purchases of longer-dated bonds was followed by lower U.S. Treasury yields and a weaker dollar, with USD/JPY and USD/CNY reflecting the move. Market pricing suggests doubts about whether the plan can stabilize the economy, potentially affecting interest-rate expectations and supporting gold, a non-yielding asset that often benefits from lower rates. Further Treasury buyback announcements, Federal Reserve communications and U.S. economic data will be important signals, while gold prices may offer an additional gauge of changing rate expectations.