As investors in Asia await the Bank of Japan’s policy decision and Tokyo’s inflation data, Asia-Pacific markets saw a majority of gains on Friday.
All thirteen analysts surveyed by Reuters predict that the BOJ would stick to its current monetary policy. Traders will continue to keep an eye on whatever action the central bank takes to counter the weakening Japanese yen.
Tokyo’s headline inflation rate dropped from 2.6% in March to 1.8% in April. Core inflation in the capital, which excludes the cost of fresh food, dropped precipitously from 2.4% in March to 1.6%, below the 2.2% forecasted by Reuters’ panel of experts.

Many people believe that statistics on inflation in Tokyo is a good way to predict trends across the country.

U.S. stocks fell overnight as data indicated a significant deceleration in economic growth and suggested ongoing inflation.
According to the Bureau of Economic Analysis, the first-quarter growth in the U.S. gross domestic product was 1.6%. According to economists surveyed by Dow Jones, GDP growth would be 2.4%.

In addition to the negative growth rate, the research revealed that the price index for personal consumption expenditures grew at a 3.4% rate, which was significantly faster than the 1.8% increase in the previous quarter.

Due to sharp drops in IBM and Caterpillar, the Dow Jones Industrial Average fell by 0.98%. The Nasdaq Composite fell 0.64%, while the S&P 500 fell 0.46%.


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