Asia-Pacific markets rose on Friday as investors absorbed Japan’s inflation statistics. The national core consumer price index climbed 4% year on year in December, the highest rate since 1981. The reading increased from the previous month’s level of 3.7%. Consumer prices climbed 0.2% month on month in December, maintaining steady from the previous month. The Japanese yen fell 0.16% versus the US dollar, closing at 128.63.
The Nikkei 225 closed 0.56% higher at 26,553.53, while the Topix closed 0.59% higher at 1,926.87. The yield on the 10-year Japanese Government Bond plummeted 0.386%, taking it further lower than the central bank’s top limit of its tolerance range.
The South Korean Kospi jumped 0.63% to 2,395.26 and the Kosdaq gained 0.71% to 717.97. In Australia, the S&P/ASX 200 recovered some of its earlier losses to gain 0.23% to 7,452.2.
The Hang Seng index of Hong Kong jumped 1.6% in the last hour of trading, while the Hang Seng Tech index surged 2.63%, leading advances in the region.
Mainland China’s Shanghai Composite closed 0.76% higher at 3,264.81 after China’s central bank maintained the country’s 1-year and 5-year lending prime rates unchanged. Shenzhen Component increased 0.57% to 11,980.62.
Wall Street stocks slumped on Thursday as investors were increasingly apprehensive that the Federal Reserve will continue to raise interest rates despite evidence of slowing inflation. The Dow Jones Industrial Average saw its third consecutive negative session, wiping back gains from a brief new year’s rise.