Most Asian stock markets were lower on Friday as investors weighed data from Japan where inflation came in above the central bank’s 2% target for a third straight month in June.
Against this backdrop, Japan’s Nikkei 225 gained 0.40%.
The rise in consumer prices comes to test the Bank of Japan’s view that recent price increases in the world’s third-largest economy will remain temporary, even as households worry about the higher cost of living.
Inflation stood at 2.4% in June from a year earlier, while the core consumer price index (which excludes volatile food costs but includes energy costs) rose to 2.2% in June from the last year.
It is recalled that the central bank of Japan kept short-term interest rates at -0.1% yesterday.
Elsewhere, South Korea’s Kospi fell 0.59% while Australia’s S&P/ASX 200 lost 0.04%.
In Hong Kong, the Hang Seng is down 0.03%. In mainland China, the Shanghai Composite and Shenzhen Component lost 0.62% and 1.24% respectively.
Source: Capital
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