- Asian markets mostly rose Friday, led by South Korea's Kospi gaining 2.22 percent
- Japan's Nikkei increased 0.89 percent while Topix fell 0.4 percent in mixed trade
- Japan's headline inflation stayed at 1.9 percent in August, core inflation eased slightly
Asian Markets Today: Asian markets mostly traded higher on Friday, the last trading session of the week, tracking gains on Wall Street as investors took cues from the upbeat US session following the Federal Reserve's latest rate decision. South Korea's Kospi led regional gains, rising 2.22%, while Japan's Nikkei advanced 0.89%.
As of the latest check, the ASX 200 was up 0.21%, while Japan's Topix slipped 0.4%.
Asian Markets Today: Kospi Leads Gains
The Kospi emerged as the standout performer in Asian trade, climbing 2.22%, while the Nikkei rose 0.89%. The gains came after US equities staged a strong rebound in the previous session, with technology stocks leading the recovery.
Also Read | Layoffs Are Rising In Tech, But These Skills Are Helping People Unlock Better Pay
Meanwhile, Japan's Topix bucked the broader regional trend and traded 0.4% lower, while Australia's ASX 200 gained 0.21%.
Japan Inflation In Focus
Japan's headline inflation held steady at 1.9% in August, ahead of the widely anticipated Bank of Japan policy decision.
Core inflation, which excludes fresh food and energy prices, eased to 1.7% from 1.8%, marginally below the 1.8% expectation in a Reuters poll of economists.
The so-called “core-core” inflation rate, which excludes both fresh food and energy and is closely monitored by the BOJ, remained unchanged at 1.9%.
The BOJ is widely expected to raise its policy rate by 25 basis points to 1.25%, which would take it to its highest level since 1995.
US Markets Rally After Fed Rate Hike
Asian equities took cues from a strong session on Wall Street. The Dow Jones Industrial Average rose 316 points, or 0.6%, while the S&P 500 gained 1.1%. The tech-heavy Nasdaq Composite jumped 1.7%.
The rebound came a day after US stocks fell sharply following the Federal Reserve's decision to raise interest rates by 25 basis points, accompanied by indications that at least one more hike could come this year.
Thursday's rally, particularly in technology stocks, suggested that investors were continuing to focus on the earnings potential linked to artificial intelligence, even as markets assess the implications of higher interest rates and persistent inflation.
US Stock Futures Steady
US stock futures were little changed in Thursday's overnight session. Dow futures rose 30 points, or 0.06%, while S&P 500 futures fell 0.08% and Nasdaq-100 futures declined 0.15%.
Investors will also track comments from Fed Governor Michelle Bowman and Kansas City Fed President Jeffrey Schmid on Friday for further clues about policymakers' thinking following the latest rate decision.
Wall Street Set For Mixed Week
Despite Thursday's rebound, the major US averages remained on course for a mixed week.
The Dow was down 1.5% week-to-date as of Thursday's close, putting it on track for a third consecutive weekly decline. The S&P 500 was down 0.3%, while the Nasdaq Composite was up 0.3% for the week.
Essential Business Intelligence, Sharp Market Insights, Practical Personal Finance Advice, Daily Fuel, Gold and Silver Prices and Latest Stories — On NDTV Profit.
