Asia markets fall as Japan’s inflation rises slightly in June

Asia-Pacific markets declined on Friday as investors digested Japan’s consumer price index results for June. According to official data, the nation's core inflation rate, which excludes the price of fresh food, came in at 3.3%, in line with predictions made by analysts surveyed by Reuters. This is above the Bank of Japan's 2% objective and …

Asia-Pacific markets declined on Friday as investors digested Japan’s consumer price index results for June. According to official data, the nation’s core inflation rate, which excludes the price of fresh food, came in at 3.3%, in line with predictions made by analysts surveyed by Reuters. This is above the Bank of Japan’s 2% objective and marginally higher than the 3.2% figure from May. The nation’s headline inflation rate increased from 3.2% in May to 3.3% in June. As the inflation data is released ahead of the BOJ’s carefully expected meeting next week for its rate decision, the Nikkei 225 dipped by 0.26% while the Topix increased by 0.22%. The Kosdaq dropped 0.65% from its 16-month high and the Kospi dropped 0.34% as producer prices dropped for the first time since November 2020. Separately, Hong Kong’s Hang Seng index and Australia’s S&P/ASX 200 both declined to start the trading day. The Shenzhen Component was slightly down and the Shanghai Composite was down 0.11%, putting all mainland Chinese stocks in the red. 

 

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