October 18, 2024 at 02:18 am EDT
(MT Newswires) -- Japanese stocks edged higher on Friday to end the week in black as inflation eased, though persistent price pressures suggested further interest rate hikes may be on the horizon.
The Nikkei 225 gained 0.18%, or 70.56 points, to close at 38,981.75.
Inflation slowed in September, with Japan's headline consumer price index rising 2.5%, down from 3% in August, its lowest reading since April, data from the Statistics Bureau showed.
Core CPI, which strips out fresh food prices, increased 2.4%, easing from 2.8% the prior month. Excluding both fresh food and energy, inflation edged up slightly to 2.1% from 2%.
The Bank of Japan, which has seen core inflation exceed its 2% target for more than two years, is expected to discuss policy adjustments at its Oct. 31 meeting, following the end of negative rates in March and a July hike to 0.25%.
The yen slid below 150 per dollar on Thursday, falling 0.4% to 150.21, its lowest since July, after strong U.S. economic data dimmed hopes for near-term Federal Reserve rate cuts.
Skylar Montgomery Koning of Barclays said robust U.S. consumer data fueled downward pressure on the yen, pushing back expectations of a dovish Fed.
Japan's top currency official, Atsushi Mimura, cautioned on Friday that recent yen moves past 150 were "somewhat one-sided and rapid," signaling concern over speculative trading. He said authorities are watching currency moves with urgency.
In corporate news, Couche-Tard is exploring an acquisition of Seven & i Holdings (TYO:3382) and intends to maintain its Japan operations, Bloomberg reported on Thursday, citing Chairman Alain Bouchard.
The Circle K operator expressed confidence in addressing antitrust hurdles.
Vario Secure's (TYO:4494) profit fell 4.1% to 182 million yen in the six months ending Aug. 31, as higher costs offset slight revenue growth. Earnings per share dropped to 40.26 yen from 41.55 yen a year earlier.
Shoei Foods (TYO:8079) is set to transfer all shares of its Kyushu-focused subsidiary, Iwasa Corporation, to Hirata (TYO:6258), according to a filing on Thursday.
Sumber : MT Newswires
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