Japan's Current Account Turned to Surplus, China's Inflation Accelerated

Arjun Pandit
12 Jan, 2023
New York City

The Nikkei 225 index inched up 3.82 points to 26,449.82 traded in a tight range and the yen was in focus ahead of the release of the U.S. inflation data. 

Total bank lending increased 2.7% from a year ago in December and unchanged from November to 596.525 trillion yen, the Bank of Japan said Thursday. 

Overall bank lending in the fourth quarter increased 2.7% from a year ago. 

The yen traded lower to 131.75 against the U.S. dollar and financials and tech stocks led the gainers for the second week in a row. 

Japan's current account surplus rose 16.4% to 1,803.6 billion yen in November, the Ministry of Finance said Thursday. Current account deficit in October was 64.1 billion yen. 

November exports increased 20.7% from a year ago to 9.008 trillion yen and imports soared 33.8% to 10.546 trillion yen resulting in a trade deficit of 1.537 trillion yen.

 

China's December Inflation Accelerates 

China's consumer price index rebounded to 1.8% in December from an 8-month low of 1.6% in November driven by a 4.8% rise in food prices. Core inflation accelerated to 0.7% in December from 0.6% in November.  

The  Shanghai Composite Index edged up 1.61 points to 3,163.45 and the Hang Seng index increased 0.4% or 78.05 points to 21,514.10. 

 

India's Inflation Unexpectedly Falls In December 

The Sensex index in Mumbai edged lower 0.3% or 147.47 points and December inflation unexpectedly eased. 

India's consumer price index eased to 5.72% in December from 5.8% in November after vegetable prices fell 15% but fuel and power prices rose 11%. On a monthly basis, the index fell 0.45%.

India's industrial output rebounded to 7.1% increase in November from a fall of 4.1% in October. Mining output increased 9.7%, power production rose 12.7% and manufacturing advanced 5%. 

HCL said Dec quarter revenue increased 19.6% to ?26,700 crore and net income increased 19% to ?4,096 crore and diluted earnings per share rose 3.7% to ?50.94.

Infosys said December quarter revenues increased 20% to ?38,318 crore and net profit rose 13.4% to ?6,586 crore or earnings per share of  ?15.72.