Market Commentary - Foreign Markets
Japanese Markets Reverse Previous Losses As on : 28-Jun-24  17:10

Asian stocks advanced on Friday, the dollar stuck to near two-month highs and Treasury yields fell as traders awaited a key U.S. inflation reading later in the day that could influence the Federal Reserve's decision on when to begin cutting interest rates.

Gold was marginally lower in Asian trading, while oil extended gains for a third day and was poised for a third straight weekly jump as rising Middle East tensions stoked worries about global supply disruptions.

Japanese markets rose notably to reverse some of the previous session's losses.

The Nikkei average climbed 0.61 percent to 39,583.08 as a slew of data showed inflation in Tokyo picked up in June, industrial output rose more than expected in May and the May jobless rate was unchanged at 2.6 percent.

The broader Topix index closed up 0.57 percent at 2,809.63, reaching a 34-year high amid gains in the technology sector.

The yen hit 161.27 per dollar, its weakest since 1986 ahead of the latest U.S. personal consumption expenditures price index.

Industrial production in Japan was up a seasonally adjusted 2.8 percent on month in May, the Ministry of Economy, Trade and Industry said on Friday. On a yearly basis, industrial production was up 0.3 percent.

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