Japan Awaits Rate Decision, China's Economic Growth Slowed to a 5-decade Low

Arjun Pandit
17 Jan, 2023
Mumbai

Asian markets closed mixed after China reported better-than-expected economic data and investors awaited rate decision from the Bank of Japan on Wednesday. 

Stocks in Japan rebounded, after two days of heavy losses, ahead of the Bank of Japan's decision tomorrow after the conclusion of a two-day policy meeting.

The Nikkei 225 average advanced 1.2% to 26,138.68 and the yen traded near 128.70 against the U.S. dollar after the Japanese government bond yields rose above the upper limit set by the Bank of Japan for the third day in a row. 

 

China's GDP Growth Slows to Near 5-decade Low

Stocks in Shanghai traded nearly unchanged after the statistics bureau reported weakest economic growth in about 45 years. 

The China's GDP growth in the fourth quarter 2022 slowed to 2.9% from 3.9% in the third quarter. 

For the full-year 2022, the economy expanded at 3%, the slowest pace since 1976 excluding 2.2% advance in 2020 during the onset of the coronavirus pandemic. 

Retail sales declined 1.8% from a year ago in December and fell 0.2% in full-year 2022. 

Industrial production increased 3.6% in full-year 2022 and advanced 1.3%. 

The Shanghai Composite index decreased 0.1% to 3,224.24 and the Hang Seng index fell 0.8% to 21,577.64. 

Chinese government said deaths outnumbered births in 2022, marking the beginning of the long forecasted ageing and the decline of Chinese population. 

Total number of births declined to 9.56 million in 2022 from 10.62 million in 2021 and deaths increased to 10.41 in 2022 from 10.1 million in 2021, the National Bureau of Statistics said in a report Tuesday. 

Total births declined for the sixth year in a row. 

China's elderly population, those 60 years of age and older, expanded by 13 million to 280 million or one fifth of its 1.4 billion population.  

 

India Stocks Rebound After Two Days of Losses 

The Sensex index advanced 0.9% to 60,655.72 and the rupee held at 81.57 against the U.S. dollar in international trading. 

Investors bid up stocks focused on the domestic economy in cautious trading after the international price of crude oil advanced, stoking fears of higher inflation.