Japan CPI inflation, currency, oil

SINGAPORE – Shares in the Asia-Pacific were mixed on Friday as investors analyzed Japanese inflation data.

The Nikkei 225 recovered from previous losses to gain 0.45% and the Topix index gained 0.28%.

Official data released on Friday shows that Prices in Japan rose 2.2% in June from a year ago, consistent with analyst expectations.

“June CPI data suggest that cost-push inflation has stabilized, largely driven by a sharp drop in fresh food prices,” said ING’s head of regional research, Robert Carnell and senior economist. Cao Min Joo Kang in a note on Friday.

“However, inflation is likely to accelerate again in the coming months due to a low base rate compared to last year and could surpass 2.5% YoY, while the core inflation rate is likely to remain above 2% for the rest of the year,” the note said, adding that the Bank of Japan is likely to continue to adjust as inflation is not driven by demand.

The Bank of Japan on Thursday kept interest rates extremely low, as expected.

Mixed Asia-Pacific market

Korea Kospi 0.25% lower, but Kosdaq up 0.13%.

In Australia, S&P / ASX 200 0.2% higher.

From Hong Kong Hang Seng Index up 0.12%, but the mainland China market gave up previous gains to decline. The Shanghai Composite down 0.33% and Shenzhen Ingredients lost 0.68%.

MSCI’s broadest index of Asia-Pacific shares outside of Japan is in a straight line.

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Overnight in the US, the tech-heavy Nasdaq Composite gained 1.36% to close at 12,059.61 as Tesla shares rallied. The S&P 500 rose nearly 1% to end the session at 3,998.95 and the Dow Jones Industrial Average rose 162.06 points, or 0.51%, to 32,036.90.

Currency and oil

The US Dollar Indextracks the greenback against a basket of other currencies, at 106.908 after falling from last week’s levels.

The Japanese yen was trading at 137.61 per dollar, strengthening from recent levels above 138 against the greenback. The Australian dollar was $0.6911, up from under $0.6880.

US crude oil futures rose 0.88% to $97.20 per barrel in Asia, while Brent Crude Oil up 0.93% to $104.83 per barrel.

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