Asia-Pacific markets trade mixed as investors parse Japan’s downbeat GDP data
Asia-Pacific markets were mixed Friday as investors parsed Japan’s latest gross domestic product figures and awaited a slate of other economic data from the region.
Japan’s benchmark Nikkei 225 slipped 0.14%, while the Topix added 0.12% after Japan’s economy contracted 0.2% quarter-on-quarter for the three months ended March. Economists polled by Reuters had estimated a 0.1% economic contraction from the prior quarter.
The data comes at a time when the country is locked in trade negotiations with the U.S., with initial talks between both sides not yielding a conclusive deal so far.
A weak outcome for Japan’s GDP can weigh on the Bank of Japan’s rate hike pricing and push USD/JPY up towards resistance at 148.13, Commonwealth Bank of Australia wrote in a note. The Japanese yen is currently trading at 145.52 against the greenback.
Australia’s benchmark S&P/ASX 200 added 0.44%. South Korea’s Kospi rose 0.33% while the small-cap Kosdaq slipped 0.2%.
Futures for Hong Kong’s Hang Seng index stood at 23,235, lower than its last close of 23,453.16.
Source: CNBC
