Investing.com– Most Asian stocks were higher on Friday with Japanese shares surging after a stronger-than-expected Tokyo inflation reading, while South Korean shares slumped amid an ongoing political unrest in the country.
U.S. stock index futures were largely unchanged in Asian trade on Friday, after Wall Street saw a muted close amid thin trading on Thursday.
Japan shares jump after Tokyo CPI data, BOJ meet summary
Japan’s index jumped 1.5% on Friday and was on track to gain nearly 4% for this week. The rose 1%.
in Japan’s capital grew more than expected in December due to increased price pressures, government data showed on Friday, keeping alive chances of a near-term rate hike by the Bank of Japan (BoJ).
Some Bank of Japan policymakers saw conditions aligning for a near-term rate hike, with one predicting action “in the near future,” according to a summary of opinions from December’s meeting.
Other data on Friday showed that the country’s fell in November, but contracted at a slower-than-expected pace from the previous month amid subdued foreign demand.
Japanese equities were boosted by gains in Toyota Motor (NYSE:) Corp (TYO:) and other auto shares amid a weaker yen.
Chinese stocks rise after industrial profits data
China’s and indexes rose 0.4%, and 0.3%, respectively, on Friday. Hong Kong’s index edged 0.2% higher.
China’s fell at a reduced pace in November, according to official data released on Friday, offering some relief to the struggling sector, though weak domestic demand continues to hamper recovery efforts.
The World Bank revised its economic growth forecast for China upward for 2024 and 2025 but cautioned that weak household and business confidence, combined with challenges in the property sector, would continue to hinder growth in the coming year.
Markets were holding out for more clarity on Beijing’s plans for stimulus measures in the coming year. Recent reports suggested that the country will ramp up fiscal spending to support economic growth.
Australia’s rose 0.4%, while India’s were largely muted.
Singapore’s rose 0.2%, while Malaysia’s index rose more than 1%.
S. Korea shares slide on political unrest
South Korea’s fell over 1.5% on Friday, its third consecutive session of declines.
South Korea’s acting president, Prime Minister Han Duck-soo, faces an impeachment vote on Friday amid a political crisis sparked by the Constitutional Court’s first hearing on President Yoon Suk Yeol’s short-lived martial law.
The push to impeach Han has deepened the crisis, placing the nation’s democracy in uncertain waters and drawing concern from allies.
