Japan's GDP Growth Slowed In 2022, India's Wholesale Inflation Eased

Arjun Pandit
14 Feb, 2023
Mumbai

Asian markets advanced on the hopes that the U.S. inflation will show a moderation. 

Market indexes in Tokyo advanced after GDP in the fourth quarter increased less than expected and the formal announcement of the Bank of Japan governor.  

Prime Minister Fumio Kishida formally announced the nomination of academic  Kazuo Ueda as the next Bank of Japan governor.

 

Japan's Fourth Quarter GDP Expanded 

Fourth quarter GDP expanded 0.3% from the previous quarter and rose 0.6% from a year ago, the data from the Cabinet Office showed Tuesday. 

The third quarter GDP contraction was downwardly revised to 0.3% from the previous estimate of 0.2% and annual increase was lowered to 1.0% from the previous estimate of 0.8% contraction. 

Seasonally adjusted nominal GDP expanded at 5.2% annual rate in the fourth quarter compared to 0.7% increase in the corresponding period a year ago. 

In calendar year 2022, seasonally adjusted GDP growth slowed to 1.1% after expanding at 2.1% in 2021 and contracting 4.3% in 2020. 

 

Japan's Industrial Products Advanced Second Month In a Row 

Japan's industrial production advanced for the second month in a row, a final report from the Ministry of Economy, Trade and Industry showed Tuesday. 

Seasonally adjusted industrial production increased 0.3% in December from November, revised from 0.1% decline estimated on January 30. 

Industrial production advanced 0.2% in November. 

On an annual basis, industrial production contraction was revised to 2.4% in the final estimate from the 2.4% decline in the preliminary estimate.   

The Nikkei 225 index increased 0.6% to 27,602.77 and the yen weakened to 133.09 against the U.S. dollar. 

 

China Stocks Rebounded 

Stocks in Mainland China and Hong Kong advanced and crude oil traded lower following the announcement of more release of oil from the U.S. Strategic Petroleum Reserve. 

Tensions between the U.S. and China simmered down after reports suggested that the U.S. Secretary of State is considering to meeting China's top diplomat Wang Yi at the Munich Security Conference this week.     

The Shanghai Composite index increased 0.3% to 3,293.28 and the Hang Seng index fell 0.3% to 21,113.76. 

 

India Indexes Jumped Following New York Gains 

Stocks in Mumbai rebounded following the overnight advance in New York and ahead of the wholesale inflation report. 

The Sensex index soared 1% or 600.42 and the Nifty index increased 0.9% or 158.95 points to 17,929.85. 

The Indian rupee edged lower to 82.92 against the U.S. dollar after India's retail inflation accelerated in January. 

India's wholesale inflation slowed to 4.73% in January from 4.95% in December, Ministry of Commerce and Industry said in a preliminary report.