Asian shares were mixed on Friday as worries deepened about the regional economy and Japan reported higher-than-expected inflation.
Benchmarks fell in Taipei, Tokyo, Seoul and Hong Kong, but rose in Sydney and Shanghai.
Investors have their eyes on China’s lockdowns and restrictions to curb the spread of COVID-19 infections, as the direction China takes would greatly affect the rest of Asia.
Photo: AP
“Reopening policies have pivoted in China, which will be a gradual process. COVID control measures will vary across cities, but positive top-down approaches will be ongoing,” SPI Asset Management managing partner Stephen Innes said.
In Taiwan, the TAIEX closed down 5.49 points, or 0.04 percent, at 14,778.51, with turnover totaling NT$230.88 billion (US$7.47 billion). For the week, the index posted a 1.88 percent increase.
In Japan, the benchmark Nikkei 225 lost 0.35 percent to 28,283.03, but was up 1.37 percent from a week earlier, while the broader TOPIX dropped 0.04 percent to 2,018, posting a weekly gain of 2.59 percent.
In Seoul, the KOSPI was little changed, down 0.14 percent, at 2,437.86, and down 0.27 percent for the week, while Hong Kong’s Hang Seng slipped 0.49 percent to 17,573.58, falling 2.33 percent from a week earlier.
Australia’s S&P/ASX 200 rose 0.24 percent to 7,259.50, rising 1.51 percent from a week earlier, while the Shanghai Composite Index gained 0.4 percent to 3,101.69, gaining 0.14 percent weekly.
India’s SENSEX rose 0.03 percent to 62,293.64 to end the week up 1.02 percent.
Data on inflation in Tokyo for the month beat analysts’ expectations, with the core consumer price index showing a 3.6 percent rise, the highest in more than four decades.
The US Federal Reserve and other central banks have been raising interest rates to try to rein in decades-high inflation.
However, the Bank of Japan has resisted tightening monetary policy, a move that would counter inflationary pressures by discouraging borrowing by businesses and consumers.
“With the Bank of Japan being one of the few outliers which has not embarked on a rate-hiking process, the point of pivot will be a key question into next year,” Jun Rong Yeap of IG said in a commentary.
The rising cases of COVID-19 cases and deaths in what experts are calling an eighth wave, in Japan and in other Asian nations, are also weighing on investor sentiments, but remain relatively low so far. Many people in Japan and those nations have been vaccinated.
Additional reporting by staff writer, with CNA
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