Investing.com - Asian stocks were mixed during Wednesday’s session as the strong yen plagued Japanese shares, but slight signs of increasing risk appetite helped buoy other markets in the region.
In Asian trading Wednesday, Japan’s Nikkei 225 fell 1.45%. Japanese equities faltered as the yen gained strength on the back of some disappointing news courtesy of the Bank of Japan. At the conclusion of its two-day meeting on Tuesday, the Japanese central bank revised its inflation target higher to 2% from 1%. That move, which brings BoJ’s inflation target inline with that of Prime Minister Shinzo Abe’s, was widely expected by currency traders.
While central bank did commit to open-ended, Federal Reserve-style asset-buying, BoJ did say it will embark upon that program until 2014, leaving traders yearning for immediate stimulus to the still struggling Japanese economy.
Elsewhere, Hong Kong’s Hang Seng fell 0.22% while the Shanghai Composite lost 0.43%.
Australia's S&P/ASX 200 rose 0.3% after inflation data showed the door may open for the Reserve Bank of Australia to again cut interest rates. Earlier today, the Australian Bureau of Statistics said its consumer price index, a measure of inflation, rose 0.2% in fourth quarter compared with a 1.4% jump in the third quarter. Analysts expected a fourth-quarter increase of 0.4%.
Meanwhile, the Reserve Bank of Australia said that Australian trimmed mean CPI rose to a seasonally adjusted 0.6% in the fourth quarter compared with a 0.7% gain in the third quarter. Analysts expected a 0.7% rise in the fourth quarter.
Australia's annual rate of inflation checked in at 2.2%, within the Reserve Bank of Australia's desired range. RBA lifted its inflation range from 2% in September 2012.
New Zealand’s NZSE 50 rose 0.02% following the Aussie inflation data while Singapore’s Straits Times Index climbed 0.29%.
South Korea’s Kospi fell 0.22% despite news of the stronger yen. South Korean exporters compete directly with Japan and a weaker yen is seen as potentially troublesome for South Korean equities.
S&P 500 futures fell 0.24%.
In Asian trading Wednesday, Japan’s Nikkei 225 fell 1.45%. Japanese equities faltered as the yen gained strength on the back of some disappointing news courtesy of the Bank of Japan. At the conclusion of its two-day meeting on Tuesday, the Japanese central bank revised its inflation target higher to 2% from 1%. That move, which brings BoJ’s inflation target inline with that of Prime Minister Shinzo Abe’s, was widely expected by currency traders.
While central bank did commit to open-ended, Federal Reserve-style asset-buying, BoJ did say it will embark upon that program until 2014, leaving traders yearning for immediate stimulus to the still struggling Japanese economy.
Elsewhere, Hong Kong’s Hang Seng fell 0.22% while the Shanghai Composite lost 0.43%.
Australia's S&P/ASX 200 rose 0.3% after inflation data showed the door may open for the Reserve Bank of Australia to again cut interest rates. Earlier today, the Australian Bureau of Statistics said its consumer price index, a measure of inflation, rose 0.2% in fourth quarter compared with a 1.4% jump in the third quarter. Analysts expected a fourth-quarter increase of 0.4%.
Meanwhile, the Reserve Bank of Australia said that Australian trimmed mean CPI rose to a seasonally adjusted 0.6% in the fourth quarter compared with a 0.7% gain in the third quarter. Analysts expected a 0.7% rise in the fourth quarter.
Australia's annual rate of inflation checked in at 2.2%, within the Reserve Bank of Australia's desired range. RBA lifted its inflation range from 2% in September 2012.
New Zealand’s NZSE 50 rose 0.02% following the Aussie inflation data while Singapore’s Straits Times Index climbed 0.29%.
South Korea’s Kospi fell 0.22% despite news of the stronger yen. South Korean exporters compete directly with Japan and a weaker yen is seen as potentially troublesome for South Korean equities.
S&P 500 futures fell 0.24%.