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Asia markets mixed as Japan’s inflation rises slightly in June

Mount Fuji and Tokyo skyline, Japan.

Jackyenjoy Photography | Moments | Getty Images

Asia-Pacific markets were mixed on Friday as investors digested data on Japan’s consumer price index for June. Official data showed the country’s core inflation rate, which strips out the cost of fresh food, was at 3.3%, in line with expectations of economists polled by Reuters.

That was slightly higher than May’s 3.2 percent and above the BOJ’s 2 percent target. The country’s headline inflation rate also came in at 3.3% in June, up from 3.2% in May.

this Nikkei 225 Index It fell 0.57 percent to 32,304.25, but the Topix edged higher as inflation data was released ahead of the Bank of Japan’s closely watched interest rate decision meeting next week.

South Korea’s Kospi index rebounded, rising 0.37% to close at 2,609.76 points; the Kosdaq rose 0.32%, marking its nine-day winning streak and reaching its highest level since April 2022.

Additionally, Australia S&P/ASX 200 Index Mainly dragged down by technology service stocks, it fell 0.15% to close at 7,313.9 points.

Hong Kong’s Hang Seng gained 0.71% in the last hour. Stock markets in mainland China closed down throughout the day. The Shanghai Composite Index and the Shenzhen Component Index both fell slightly, closing at 3,167.74 points and 10,810.18 points respectively.

Overnight, the U.S. Dow Jones Industrial Average rose for a ninth straight day after drugmaker Johnson & Johnson reported a better-than-expected earnings result. It was the Dow’s best one-day winning streak since 2017.

Still, the broader market took a beating after falling after traders favored earnings reports Netflix and tesla. The S&P 500 fell 0.68% and the Nasdaq Composite fell 2.05%.

— CNBC’s Hakyung Kim and Brian Evans contributed to this report

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