Asia-Pacific markets climbed Friday after economic data from the U.S. calmed recessionary fears, while investors also assessed a slew of data from Japan.
The Nikkei 225 index barreled ahead 285.22 points, or 0.7%, to 38,674.75.
In Hong Kong, the Hang Seng index popped 202.75 points, or 1.1%, to 17,989.07.
Initial jobless claims in the U.S. fell to 231,000 from the prior week’s 232,000, but were slightly higher than the 230,000 expected by Dow Jones.
In addition, the second-quarter gross domestic product growth was revised higher to 3% from the initial 2.8% rate.
Inflation rate in Japan’s capital city of Tokyo rose to 2.6% in August from July’s 2.2%, hitting its highest since March.
The core inflation rate — which strips out prices of fresh food — rose 2.4%, higher than the 2.2% expected from a Reuters poll of economists. Tokyo’s inflation is widely considered to be a leading indicator of nationwide trends.
Stronger inflation numbers offer the Bank of Japan more room to tighten its monetary policy.
Unemployment in Japan rose to 2.7% in July, more than the Reuters estimate of 2.5%.
July retail sales in the country rose 2.6% year on year, lower than the 2.9% growth expected by Reuters and the revised 3.8% increase seen in June.
South Korea’s retail sales dipped 1.9% month on month compared to June. On a year-on-year basis, retail sales fell 2.1%.
CHINA
In Shanghai, the CSI 300 slipped 8.82 points, or 0.3%, to 3,277.68
On Friday, Reuters reported that Chinese state-owned banks were seen purchasing U.S. dollars to prevent the Chinese yuan from appreciating too fast.
The onshore yuan has reportedly strengthened considerably, from about 7.27 on July 23 to about 7.09 currently. This is its strongest level against the dollar since the start of the year, currently trading at 7.086 to the greenback.
In other markets
In Taiwan, the Taiex index dumped 168.61 points, or 0.8%, to 22,201.85.
In Singapore, the Straits Times Index revived 13.44 points, or 0.4%, to 3,404.47.
In Korea, the Kospi index dropped 27.55 points, or 1%, to 2,662.28.
In New Zealand, the NZX 50 lost 116.99 points, or 0.9%, to 12,353.61.
In Australia, the ASX 200 fell 26.31 points, or 0.3%, to 8,045.13.
