Shares in Asia were mixed on Friday after Wall Street broke its longest losing streak since December last year with a modest rally led by tech stocks on Thursday.
Benchmarks rose in Tokyo and Sydney, but fell in Taiwan, Hong Kong and Shanghai.
Japan reported that its core consumer price index, excluding volatile fresh foods, rose the most in 41 years last month, but the nominee to head its central bank, economist Kazuo Ueda, told lawmakers that he favors keeping Japan’s benchmark interest rate near zero to ensure stable growth.
Photo: AP
Ueda is expected to succeed Bank of Japan Governor Haruhiko Kuroda when he steps down in April after two five-year terms marked by unprecedented easing.
The change of leadership has prompted speculation about a possible change in the ultra-lax monetary stance, although Ueda sought to dispel such expectations.
“Time is needed before the effects of monetary policy kick in,” Ueda told Japan’s parliament, adding that the price rises are peaking.
Wages in Japan have failed to keep pace with price increases, and worries over a potential global recession have left the Bank of Japan wary of altering course.
Tokyo’s Nikkei 225 index added 1.29 percent to 27,453.48 on Friday, but dipped 0.88 percent from a week earlier, while the broader TOPIX gained 0.67 percent to 1,988.40, declining 0.63 percent weekly.
In Taiwan, the TAIEX closed down 111.62 points, or 0.71 percent, at 15,503.79, up 0.16 percent from a week earlier.
In Hong Kong, the Hang Seng Index lost 1.68 percent to 20,010.04, posting a weekly decline of 3.43 percent, while the Shanghai Composite Index gave up 0.62 percent to close at 3,267.16, but gained 1.34 percent weekly.
In Australia, the S&P/ASX 200 rose 0.3 percent to 7,307.0, dropping 0.54 percent from a week earlier.
India’s SENSEX declined 0.24 percent to 59,463.93, losing 2.52 percent on the week, while South Korea’s KOSPI dropped 0.63 percent to 2,423.61, declining 1.13 percent from a week earlier.
Additional reporting by staff writer, with CNA
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