Japan CPI misses estimates, Nifty record high

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Japan CPI misses estimates, Nifty record high

Pedestrians cross an intersection in the Shibuya district of Tokyo, Japan, on Tuesday, April 25, 2023. Photographer: Kentaro Takahashi/Bloomberg via Getty Images

Bloomberg | Bloomberg | Getty Images

Asia-Pacific markets mostly fell on Friday after

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came in slightly cooler than expected, jeopardizing the country’s plans to raise interest rates.

The country’s core inflation rate — which strips out prices of fresh food — came in at 2.5%. A Reuters poll of economists expected the May core inflation reading to come in at 2.6%, compared with April’s 2.2%.

The so-called “core-core” inflation, which strips out prices of fresh food and energy, came in at 2.1%. This is lower than April’s reading of 2.4%. The metric is considered by the Bank of Japan when formulating the country’s monetary policy.

Japan’s headline rate rose to 2.8%, higher than April’s figure of 2.5%.

Japan’s Nikkei 225 dipped 0.09%, ending the day at 38,596.47. The broad-based Topix dropped marginally to 2,724.69.

Softbank — the third heaviest weighted stock on the index — saw shares drop 3.14% after Softbank Group CEO Masayoshi Son said the company needed “immense capital” to develop AI robotics.

The yen weakened for a seventh straight day, declining to 158.95 against the U.S. dollar.

Japan’s chief currency diplomat, Masato Kanda, said the government was ready to make a move against the volatile currency market that has hurt the economy,

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.

The U.S. Treasury Department placed

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but did not classify it as a currency manipulator.

India’s benchmark Nifty 50 index dropped 0.5%, after hitting a fresh record high earlier in the day.

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Composite Purchasing Managers’ Index for India rose to 60.9 in June from 60.5 in May. The data complied by S&P Global showed that growth was stronger at goods producers compared to service providers.

South Korea’s Kospi fell 0.83%, finishing the day at 2,784.26, while the small-cap Kosdaq lost 0.56% to end at 852.67.

Separately, the country announced that the finance ministers of South Korea and Japan will

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to discuss bilateral and multilateral cooperation, as well as their views on the global economy. The meeting will be held two months after both parties

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during their meeting in Washington.

Mainland China’s CSI 300 dipped 0.22% to close at 3,495.62, marking a third straight day of losses and hitting its lowest level since April 12, while Hong Kong’s Hang Seng index declined 1.52% as of its final hour of trading.

Australia’s S&P/ASX 200 ticked up 0.34% to close at 7,796.

Overnight in the U.S., the S&P 500 closed 0.25 % lower after hitting a new high. The Nasdaq Composite dipped 0.79%, while the Dow Jones Industrial Average climbed 0.77%. Nvidia slipped 3.5% after rising earlier in the trading day.

—CNBC’s Samantha Subin and Brian Evans contributed to this report.

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