Asia-Pacific markets were higher Friday with Japan’s Nikkei 225 leading gains, after Wall Street soared overnight following the Federal Reserve’s outsized rate cut.
The Nikkei 225 popped another 568.68 points, or 1.5%, to 37,723.91, logging weekly gains of over 3%.
The Bank of Japan kept its benchmark interest rate steady at around 0.25% — the highest rate since 2008 — at the conclusion of a two-day meeting Friday.
Japan’s core consumer price index climbed 2.8% year on year, in line with Reuters estimates, versus a 2.7% rise in the previous month.
Excluding fresh food and energy, inflation came in at 2%, versus 1.9% in the previous month.
The Japanese yen firmed 0.30% against the U.S. dollar to 142.20.
In Hong Kong, the Hang Seng Index closed the week with a gain of 245.41 points, or 1.4%, to 18,258.57.
CHINA
In Shanghai, the CSI 300 added 5.01 points, or 0.2%, to 3,201.05, wrapping up the week with gains of 1.3% after hitting its lowest level since January 2019 last Friday.
China also did not tinker with its key lending rates, with the one-year loan prime rate — which affects corporate and household loans — at 3.35% and the five-year LPR — a reference for mortgage rates — at 3.85%.
In other markets,
In Korea, the Kospi edged up 12.57 points, or 0.5%, to 2,593.57
In Singapore, the Straits Times Index slumped 8.42 points, or 0.2%, to 3,624.76.
In Taiwan, the Taiex index jumped 116.73 points, or 0.5%, to 22,159.42.
In New Zealand, the NZX 50 declined 186.5 points, or 1.5%, to 12,478.50.
In Australia, the ASX 200 picked up 17.54 points, or 0.2%, to 8,209.47.
