Asian Markets Advanced, Toyota Motor CEO Steps Down

Arjun Pandit
26 Jan, 2023
Mumbai

Financial markets in Asia opened higher and benchmark indexes in Tokyo trimmed losses but indexes in Seoul and Hong Kong soared. 

Market sentiment was positive in the region on the hopes that the U.S. Federal Reserve may slow rate hike pace on the waning wage and price inflation and optimism about the latest U.S. economic data scheduled to be released later in the day. 

Investors are awaiting the release of fourth quarter GDP and durable goods orders data. 

The Nikkei 225 average declined 0.1% to 27,362.75 and the yen eased to 129.81 against the U.S. dollar.

Toyota Motor Corp fell 0.6% to ¥1,893.0 after the company said founder's grand-son Akio Toyoda stepped down from the leadership role to make way for a younger leader.

Exporters traded higher after the yen weakened. 

Canon edged up 0.2% to ¥2,945.50 and Panasonic Holdings Corp increased 2.2% to ¥1,197.50. 

Softbank Corp closed unchanged and Fast Retailing, the parent of Uniqlo, edged down 0.1%. 

 

Japan's Wholesale Inflation Eased

Producer price index, a measure of wholesale inflation, increased at a slower pace of 1.5% in December after rising at 1.7% in November, said the Bank of Japan. 

On a monthly basis, the wholesale inflation slowed to 0.1% from 0.2$ rise in November. 

In 2022, producer prices increased 1.7%. 

 

Toyota Motor Akio Toyoda Steps Down

Toyota Motor appointed Lexus President Koji Sato as the next chief executive of the company, after Akio Toyoda decided to step down and assume chairman role.

 

Hang Seng Index Rebounds, India Markets Closed 

Financial markets in India were closed for the Republic Day holiday and markets in mainland China and Taiwan are closed to celebrate Lunar New Year. 

The Hang Seng index soared 2.4% to 22,566.78 after the market reopened and on the hopes that the ending of the "zero-Covid" policy will revive domestic demand. 

The Kospi Index in Seoul increased 40 points or 1.60% to close at 2,468.65 and traded between 2,426.40 and 2,468.65.