Yen strengthens on reports of new Bank of Japan governor; Asia markets fall: Live updates

Asia-Pacific markets traded mostly lower with the exception of Japan as the yen pushed higher against both the euro and U.S. dollar on Friday.

This follows a Nikkei report which said Kazuo Ueda would be appointed as the Bank of Japan’s next governor. The yen strengthened 0.77% against the U.S. dollar, and last stood at 130.64.

The Nikkei 225 rose 0.31% to close at 27,670.98, while the Topix gained 0.1% to end the day at 1,986.96.

In South Korea, the Kospi fell 0.48% to 2,469.73 and the Kosdaq also inched 1.55% lower to close at 772.44.

China’s inflation data came in lower than expected. Consumer prices in the nation rose 2.1% in January compared to a year ago.

The Shanghai Composite fell 0.3% and the Shenzhen Component shed 0.6%. Hong Kong’s Hang Seng index also shed 2%, leading losses in the region with the Hang Seng Tech index down 4.5%.

In Australia, the S&P/ASX 200 closed 0.76% at 7,433.7 as investors digested the Reserve Bank of Australia’s statement on monetary policy indicating further hikes ahead. Earlier this week, the central bank raised its benchmark interest rates by 25 basis points to 3.25%.

In corporate earnings, Taiwan Semiconductor Manufacturing Company, or TSMC, will release its monthly sales report later in the day.

Overnight in the U.S., stocks closed lower Thursday. All three major indexes hit session lows in the final hour of trading — after giving up earlier gains as concerns over the Federal Reserve’s future moves on monetary policy offset excitement around the latest batch of corporate earnings.

Source: https://www.cnbc.com/2023/02/10/asia-pacific-chinas-inflation.html