Japan's household spending declined for the tenth month in a row on a sharp fall in food, fuel, transportation, and housing costs. Japan's current account swings to a surplus in January.
China lowered its economic growth estimate to around 5% and announced its plan to sell one trillion yen of debt as the second-largest economy in the world faces weak consumer sentiment and protracted property market malaise.
The Australian economy barely expanded in the final quarter of 2023 amid weak consumer demand growth and high interest rates. Chinese lawmakers debate future growth policies driven by advanced technology.
The Nikkei index in Tokyo closed at a new high following a rally in tech stocks and foreign investors' enthusiasm about corporate earnings. China's market indexes are likely to falter if policymakers fail to provide solid financial and economic stimulus measures to stabilize financial markets.
Market indexes in Japan extended gains, but in Shanghai and Hong Kong they diverged after the release of weak manufacturing data ahead of the policymakers annual gathering next week. India's economic growth accelerated to a six-quarter high.
Markets in Asia generally traded down amid cautious trading in Japan, China, and India. Industrial output declined for the third month in a row, and retail sales rose for the 23rd month in Japan. Hong Kong Exchanges reported higher annual income and hiked its annual dividend.
Benchmark indexes in Asia traded lower amid cautious trading ahead of the release of U.S. inflation data. Hong Kong removed decade-old property curbs to revive the ailing property market.
Asian markets struggled to gain traction, and bond yields in the region edged slightly higher. The yen turned volatile after Japan's inflation dropped to a 22-month low.
Stocks extended gains in Japan ahead of the inflation report, and China stocks resumed a downward slide on the persistent worries of a property market slump and waning confidence in the economic rebound.
Market indexes in China trimmed weekly gains after indexes turned lower and halted a weeklong rally after new home prices declined for the seventh month in a row. The Nifty index in India traded at a new high. Markets in Japan were closed for a holiday.
The Nikkei 225 surpassed the previous high set 34 years ago in 1989 amid strong interest from foreign investors and persistent weakness in the Japanese yen.
The People's Bank of China lowered its 5-year loan prime rate and offered more financing to developers. Market indexes in Shanghai, Hong Kong, Tokyo, Seoul, and Mumbai drifted lower on global interest rate uncertainty.
China-controlled funds stepped up market intervention and increased investment in exchange traded funds. Japan's trade gap shrank after exports rose and imports declined in January.
Asian markets lacked momentum, and the benchmark indexes in Tokyo struggled to advance. Market indexes in Shanghai staged a slight rebound after investors returned from a week-long holiday. India indexes lacked direction after the end of the earnings season last week.
The Nikkei index in Tokyo neared its all-time record high in 1989 as foreign investors continued to increase exposure. The Hang Seng index in Hong Kong rebounded after bargain hunters returned. The Sensex in Mumbai extended its weekly gain.
