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Asian Stocks Witnessed Volatility Before US Inflation Data; Yen Increases

The Asian stock market was mostly down today, February 29 while the dollar and the US Treasuries remained stable ahead of the US inflation data. 

Chinese stocks, on the other hand, bounced back from yesterday’s dip and were able to keep track of their best month since November 2022. Japanese Yen also went up after an official from the Bank of Japan suggested removing ultra-easy monetary stimulus.

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Japan’s Nikkei 225 share average also went down by 0.11% closing at 39,166.19, taking a little step back from its ATH on Tuesday. Kospi also declined by 0.37% locked at 2,642.36, while Taiwan and Australia benchmarks remained flat. 

Surprisingly, mainland Chinese blue chips spiked by 0.82% bouncing back from a 1.27% decline in the previous trading session. For the month of February, they are up by 8.3% indicating an end to a six-month bearish trend. 

Hong Kong’s Hang Seng also went up by 0.44% while MSCI’s broadest index of Asia-Pacific shares outside Japan surged by 0.06%

The state-led buying and more strict regulations have mainly lifted the index from five-year lows this month. However, maintaining this momentum amidst a sluggish economy, caused by indifferent consumers and an unstable property market, will need to meet expectations for more aggressive stimulus measures. 

Furthermore, the annual session of the National People’s Congress is scheduled for next week. The annual session will be mainly discussions about the year’s growth target and action plans, and providing the clearest indications of the government’s stimulus efforts.

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Sophia Cruz
Financial Writer - Asian & European Desks
Sophia is an experienced writer, reporter and newsdesk member, mostly on the financial sectors. For the past 5 years Sophia has covered a wide variety of topics such as the financial markets, economics, technology, fin-tech and trading. Sophia has been a part of the FX Leaders team since 2017 and works on producing valuable content and information for traders of all levels of experience.
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