Most Asian Stocks Went Up Despite Worries On US Economy

Asian stocks generally increased, despite concerns regarding the economic forecast and inflation levels in the United States and globally.

Sophia Cruz•Friday, April 26, 2024•1 min read

In today’s trading session, Asian stocks generally increased, despite concerns regarding the economic forecast and inflation levels in the United States and globally.

Most Asian Stocks Went Up Despite Worries On US Economy

The Bank of Japan concluded its policy meeting without significant alterations, maintaining its benchmark interest rate within the range of 0 to 0.1%. In March, the bank raised the key rate from below zero to minus 0.1% citing indications that inflation had reached its tarted of approximately 2%.

As anticipated, this development follows Tokyo’s April inflation figures, which fell short of expectations. The core inflation rate stood at 1.6%, notably lower than Reuter’s forecast of 2.2%

The BOJ further stated its intention to maintain bond purchases following the decision made in March. BOJ said way back in March that it bought about 6 trillion yen ($83.5 billion) worth of bonds each month.

So far, the BOJ made no comments regarding the yen, which has been consistently weakened since the BOJ ended its negative interest rate policy last month and discontinued its yield curve control policy.

Japan’s Nikkei 225 went up by 0.4% to reach 37,780.35, while the US dollar remained relatively stable at 155.54 Japanese yen, showing a slight change from 155.8 yen.

While the weakened yen benefits major Japanese exporters like Toyota Motor Corp., as it enhances their overseas earnings when converted into yen, some Japanese officials, such as Finance Minister Shunichi Suzuki, have voiced concerns about the potential drawbacks of an excessively weak currency for the long-term health of the Japanese economy.

Elsewhere in Asia, the Hang Seng index is 2.12% higher, trading at 17,651.36, while the Shanghai Composite went up by 1.17% trading at 3,088.64.

South Korea’s Kospi also went up by 1.05% trading at 2,656.33. Nifty 50, on the other hand, went down by 0.29% trading at 22,504.65.

In Australia, the S&P./ASX 200 is down by 1.39% trading at 7,575.9.

Check out our free forex signals
Follow the top economic events on FX Leaders economic calendar
Trade better, discover more Forex Trading Strategies
Open a FREE Trading Account

ABOUT THE AUTHOR See More

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.