Japan's trade deficit soared in January to record levels on soaring costs of energy. Domestic sales of smartphones in China rebounded in January. India's overall trade deficit shrank largely on the rise in service exports but goods exports fell.
Market indexes in Asia closed down on the worries that the Federal Reserve may continue its aggressive rate hike plan after inflation level stayed far above the level preferred by the Federal Reserve.
Japan's GDP expanded at a slower pace in calendar year 2022 but industrial production rose for the second month in a row in December. India's wholesale inflation slowed in January to the lowest level in two years.
Japan is set to release its GDP data and announce a nominee for the Bank of Japan governor on Tuesday. Higher loans from Chinese banks lifted hopes of faster post-pandemic recovery in China. India's inflation accelerated in January.
The ending of ultra-loose monetary policy and revising inflation expectations are awaiting the next leader of the Bank of Japan. The latest inflation data in China suggested a slower recovery in consumer spending.
China stocks rebounded on the hopes of faster economic recovery after three years of social mobility restrictions. The alleged spy balloons from China are spotted over five continents.
Asian markets closed higher after dovish comments from the Fed Chair lifted mood in the region. The Japanese yen advanced and bond yields were stable and investors in China awaited earnings results next week.
Advanced semiconductor equipment makers and semiconductor chip makers were in focus in Tokyo and Shanghai after the U.S. led alliance struck a deal to limit exports to China.
Benchmark indexes in Tokyo, Seoul and Hong Kong advanced on the hopes that the largest economy in the world may avoid a recession. India awaits the Union Budget as the faster growing economy among G20 looks for ways to accelerate manufacturing.
Market indexes in Hong Kong and South Korea closed higher and indexes in Tokyo edged lower. Toyota Motor paved the way for a younger leader as the automobile industry adjusts to electric and connected vehicles.
Markets indexes in Japan closed at 5-week high after tech stocks rallied following the advance in New York and the yen traded near a 7-month high. The Indian government is expected to announce additional measures to accelerate the manufacturing sector.
The Nikkei in Tokyo closed higher after the yen drifted lower from last week's seven month high after the release of the Bank of Japan's December policy meeting minutes. China markets resume trading next Monday.
European markets closed higher and trimmed weekly losses to less than one percent. Natural gas prices traded near 16-month low after storages are at near-full levels in the region.
The People's Bank of China held its key lending rates for the fifth month in a row. Japan's Prime Minister Kishida announced a plan to downgrade Covid-19 disease classification and end social restrictions.
Japan posted a record trade deficit following a surge in energy and raw materials prices and record low yen. International tourists arrivals jumped in Japan and India's domestic air traffic rebounded.
