Market Commentary - Foreign Markets
Stocks surge in Japan, Nikkei up 0.90% As on : 10-Jun-24  17:28

Japan's stock market moved up impressively amid weaker yen today. Asian stocks mostly eased in thin trade on Monday, with markets in China, Hong Kong and Australia closed for public holidays. The Nikkei index was closed with a gain of 0.92% on the day. The Yen approached 157 mark against the US dollar and kept the stock markets supported despite tepid economic cues.

Japan's gross domestic product contracted a seasonally adjusted 0.5 percent on quarter in the first quarter of 2024, the Cabinet Office said on Monday - unrevised from last month's advance estimate. GDP was up 0.1 percent on quarter in the fourth quarter of 2023. On an annualized basis, GDP was revised up to -1.8 percent from the estimate of -2.0 percent. GDP was up 0.2 percent on year in the three months prior. Capital expenditure was revised up to -0.4 percent on quarter from -0.8 percent, while private consumption was unchanged at -0.7 percent on quarter.

A measure of public opinion about the Japanese economy weakened in May to the lowest level in more than one-and-a-half years, and the outlook also weakened further, survey data from the Cabinet Office showed on Monday. The current conditions index of the Economy Watchers' Survey, which measures the present situation of the economy, dropped to 45.7 in May from 47.4 in April. Any reading below 50 indicates pessimism. Further, this was the lowest score since August 2022, when it was 45.5.

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