Market Updates

Japan's Inflation Slows to Five-Month Low, Nikkei 225 Extends Weekly Loss to 1.4%

Akira Ito
18 Oct, 2024
Tokyo

    Stocks in Tokyo advanced and halted a two-day slide after fears of hawkish monetary policy eased following the release of inflation data. 

    The Nikkei 225 stock average increased 0.2%, and the broader Topix index edged slightly higher in lackluster trading. 

    The yen drifted lower and traded at a six-week low of 150.06 against the dollar after the interest rate worry receded following the release of the inflation report. 

    Investors have been on edge despite a growing campaign by central bank officials that rates are not likely to be raised in the immediate future and policymakers are looking for a gradual increase in interest rates. 

    Earlier in the week, Bank of Japan board member Seiji Adachi said that the central bank must raise rates at a "very moderate" pace, signaling the gradual approach amid elevated global geopolitical uncertainties. 

    Consumer price inflation in September eased to an annual pace of 2.5% from 3.0% in August, said the Ministry of Internal Affairs and Communications on Friday. 

    Core consumer price inflation, which excludes food prices but not energy prices, declined to an annual pace of 2.4% amid weakening inflation in energy and transportation prices. 

    The overall and core consumer price inflation dropped to a five-month low as the electricity prices increased at the slowest pace after the removal of government subsidies. 

     

    Japan Stock Movers 

    The Nikkei 225 Stock Average rose 0.2% to 38,981.75 and the broader Topix index advanced 0.04% to 2,688.98. 

    Tokyo Electron decreased 0.1% to ¥23,500.0, Advantest Corp. fell 0.4% to ¥7,968.0, Lasertec Corporation eased 0.8% to ¥21,345.0, and Disco Corp. jumped 7.7% to ¥38,310.0. 

    Mitsubishi UFJ Financial Group added 1.5% to ¥1,644.0, Sumitomo Mitsui Financial Group added 0.7% to ¥3,263.0, and Mizuho Financial Group advanced 1% to ¥3,204.0. 

    Seven & I declined 0.2% to ¥2,212.0, Fast Retailing Company increased 1% to ¥53,570.0, and Isetan Mitsukoshi declined 2.8% to ¥2,306.0. 

    Toyota Motor increased 0.1% to ¥2,552.50, Honda Motor decreased 0.1% to ¥1,533.0, and Nissan Motor declined 0.5% to ¥395.50. 

    Nippon Yusen KK rose 0.5% to ¥5,142.0, Kawasaki Kisen Kaisha added 1% to  ¥2,082.00, and Mitsui O.S.K. Lines added 0.8% to ¥4,994.0. 

     

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