Pedestrians cross an intersection in the Shibuya district of Tokyo, Japan, Tuesday, April 25, 2023. Photographer: Kentaro Takahashi/Bloomberg via Getty Images
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Asia-Pacific markets were mixed as Japan’s May core inflation data was cooler than expected.
The country’s core inflation rate – which lowers fresh food prices – is around 2.5%. A Reuters poll of economists expected May’s core inflation reading to come in at 2.6%, compared to April’s 2.2%.
The so-called “core” inflation, which reduces the price of food and fresh energy, came in at 2.1%. This is lower than April’s reading of 2.4%. These metrics are 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 Nikkei 225 started the trading day close to the flatline, while the broad-based Topix gained 0.52%.
South Korea Kospi down 0.44%, while small cap Kosdaq lost 0.5%.
Australia’s S&P/ASX 200 edged up slightly.
Hong Kong’s Hang Seng Index futures were at 18,202, lower than the HSI’s last close of 18,335.32.
Overnight in the US, the S&P 500 closed 0.25% lower after hitting new highs. The Nasdaq Composite fell 0.79%, while the Dow Jones Industrial Average rose 0.77%. Chipmaker Nvidia fell 3.5% after rising on the trading day.
— CNBC’s Samantha Subin and Brian Evans contributed to this report.
