A customer picks up a seasoning at a supermarket in Tokyo on February 27, 2024.
Kazuhiro Nogi | Afp | Getty Images
Nikkei 225 crossed 41,000 to hit a fresh all-time high on Friday as Japan inflation accelerated in February, while other Asia-Pacific markets opened mixed.
Japan’s headline inflation rate for February came in at 2.8%, climbing from the 2.2% seen in February. Core inflation — which strips out prices of fresh food — also came in at 2.8% compared with 2% in the previous month.
The BOJ, in its monetary policy statement on Tuesday said that “the price stability target of 2 percent would be achieved in a sustainable and stable manner.”
Japan’s Nikkei 225 rose 0.55% to breach the 41,000 mark, while the Topix, which also gained 0.42% to a fresh record.
South Korea’s Kospi sank 0.12%, a reversal after leading gains in Asia on Thursday, and the small cap Kosdaq was down 0.23%.
In Australia, the S&P/ASX 200 slipped 0.29%.
Futures for Hong Kong’s Hang Seng index stood at 16,747, pointing to a weaker open after the index gained almost 2% on Thursday and finished at 16,863.1.
Overnight in the U.S., all three major indexes hit fresh records, continuing the rally from Thursday after the U.S. Federal Reserve held rates steady and maintained its rate cut forecast for 2024.
The Dow Jones Industrial Average jumped 269.24 points, or 0.68%, to close at 39,781.37. The S&P 500 advanced 0.32% to end at 5,241.53, while the Nasdaq Composite edged up 0.20% to finish at 16,401.84.
“People have faith in the Fed right now, and that cuts are coming,” said Jay Woods, chief global strategist at Freedom Capital Markets. “We are in a good place, and the market believes in the smooth landing narrative. Whatever the Fed is saying continues to be the music to the ears of the market.”
— CNBC’s Samantha Subin and Alex Harring contributed to this report
Read the full article here
