Cherry blossom trees bloom near the Nippon Budokan on Sunday, April 7, 2024 in Tokyo, Japan.
Bloomberg |
Asia-Pacific markets were mostly higher on Friday as Asian investors focused on the Bank of Japan’s policy decision and Tokyo inflation data.
Thirteen economists polled by Reuters unanimously predicted the Bank of Japan would keep monetary policy unchanged. Still, traders will be watching for any moves by the central bank to counter the yen’s weakness.
Tokyo’s headline inflation rate was 1.8% in April, down from 2.6% in March. The capital’s core inflation rate, which excludes fresh food prices, fell to 1.6% from 2.4% in March, below the 2.2% forecast by economists polled by Reuters.
Tokyo inflation data is widely regarded as a leading indicator of national trends.
of Japan Nikkei 225 index Japanese stocks rose 0.27% ahead of the BOJ’s decision, while Topix rose 0.25%.
Korean Cospy was up 0.95%, while the small-cap Kosdaq index was up a tiny 0.36%.
Hong Kong’s Hang Seng Index CSI 300 Index rose 1.24%, and the CSI 300 Index rose 0.72%.
But Australia S&P/ASX 200 Index It fell 1.15%, dragged down by industrial and medical services stocks.
US stocks plunged overnight as data showed a sharp slowdown in economic growth and pointed to persistent inflation.
The US Bureau of Economic Analysis said US gross domestic product rose 1.6% in the first quarter. Economists polled by Dow Jones had predicted GDP growth of 2.4%.
The report found that while the rate of growth slowed, the personal consumption price index rose 3.4%, much higher than the 1.8% increase in the previous quarter.
this Dow Jones Industrial Average It fell by 0.98% on sharp fall in the stock market caterpillar And International Business Machines Corporation.this S&P 500 Index 0.46% lower, Nasdaq Composite Index 0.64% less.
—CNBC’s Brian Evans contributed to this report.
