Asian shares were mixed Friday as worries deepened about the regional economy and Japan reported higher-than-expected inflation. Benchmarks fell in Tokyo, Seoul and Hong Kong, but rose in Sydney and Shanghai. Oil prices advanced. Investors have their eyes on <a href=”https://apnews.com/article/health-business-china-beijing-covid-503f456d60db49fde9b0d49bd68a908f”>China’s lockdowns and restrictions</a> to curb the spread of coronavirus infections, as the direction China takes will have great impact on the rest of Asia. “Reopening policies have pivoted in China, which will be a gradual process. COVID control measures will vary across cities, but positive top-down approaches will be ongoing,” said Stephen Innes, Stephen Innes, managing partner at SPI Asset Management. Japan’s benchmark Nikkei 225 lost 0.3% in morning trading to 28,286.40. Australia’s S&P/ASX 200 rose 0.3% to 7,262.40. South Korea’s Kospi edged down 0.1% to 2,438.19. Hong Kong’s Hang Seng slipped 0.
8% to 17,521.11. The Shanghai Composite gained 0.5% to 3,105.36. Data on inflation in Tokyo for November beat analysts’ expectations, with the core consumer price index showing a 3.6% rise, the highest in more than four decades. The Federal Reserve and the world’s other central banks have been raising interest rates to try to rein in decades-high inflation. But the Bank of Japan has resisted tightening monetary policy, a move that would counter inflationary pressures by discouraging borrowing by businesses and consumers. “With the Bank of Japan being one of the few outliers which has not embarked on a rate-hiking process, the point of pivot will be a key question into next year,” Jun Rong Yeap of IG said in a commentary. Shares finished higher Thursday in France, Germany and Britain. U.S. markets were closed for Thanksgiving. Wall Street will have a shortened session on Friday. In energy trading, benchmark U.S. crude rose 46 cents to $78.40 a barrel in electronic trading on the New York Me
rcantile Exchange. It gave up $3.01 to $77.94 per barrel on Thursday. Brent crude, the international standard, added 29 cents to $85.55 a barrel in London. In currency trading, the U.S. dollar rose to 138.64 Japanese yen from 138.58 yen. The euro cost $1.0410, inching down from $1.0411.
Asian shares mixed as investors eye Tokyo inflation data
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