Asian shares mostly rose on Friday despite concerns about the economic outlook and inflation in the U.S. and globally. The Bank of Japan made no major changes to its policy, keeping its benchmark interest rate at 0 to 0.1%. Japan’s Nikkei 225 rose by 0.4% in morning trading, while the U.S. dollar remained stable against the Japanese yen.
While a weak yen benefits Japanese exporters like Toyota, some officials have expressed concerns about the long-term impact of a weak currency on the economy. In other currency trading, the euro saw a slight increase against the dollar.
On Wall Street, stocks were lower due to worries about high inflation and a slowing economy. Meta Platforms, the parent company of Facebook, saw a significant drop in its stock price despite reporting better-than-expected profits. The market also felt pressure from rising Treasury yields and disappointing economic growth data.
Investors are now adjusting their expectations for interest rate cuts by the Federal Reserve, with the possibility of fewer cuts than previously anticipated. The pressure is on companies to deliver strong profits in the face of economic challenges.
In energy trading, benchmark U.S. crude and Brent crude both saw slight gains. Overall, the market remains cautious amid ongoing economic uncertainties.
The Associated Press contributed to this report.
