- Japan’s Nikkei stock average hit a new all-time high on Thursday, breaking records.
- Household spending in the country fell 1.8% in real terms in May from the same month a year earlier, an unexpected decline.
Asia-Pacific markets were mostly higher, with Japan’s main stock index hitting a fresh high on Friday after hitting a record high in the previous trading session.
Japan’s Nikkei stock average continued its record rally, rising 0.46% at the start of trading. The broader stock index, the Topix, also continued its climb, rising 0.06% to a record high.
Japanese household spending unexpectedly fell 1.8% in real terms in May from a year earlier, after economists polled by Reuters had expected a 0.1% increase.
Household expenditure data is an important indicator for the Bank of Japan in assessing its goal of achieving a “virtuous cycle” of rising wages and prices.
Average expenditure per household in May was 290,328 yen ($1,799.28), and average monthly income was 500,231 yen, up 6.4% nominally and 3% in real terms from a year earlier.
Investors will also be assessing retail sales figures from Singapore later today.
South Korea’s KOSPI rose 0.45%, while the small-cap KOSDAQ added 0.25%.
Australia’s S&P/ASX 200 fell 0.14%.
Hong Kong Hang Seng Index futures were at 18,004, below the HSI’s last closing price of 18,028.28.
US markets were closed overnight for Independence Day but futures were little changed ahead of Friday’s trading session.
Nasdaq 100 futures fell 0.1%, S&P 500 futures traded just below flat, and Dow Jones Industrial Average futures rose 0.05%.
