Inflation in Japan’s capital city of Tokyo is widely considered a leading indicator of price increases in the country.
Investors will watch July inflation numbers from Japan's capital city of Tokyo, which are widely considered as a leading indicator of nationwide trends.
The U.S. personal core expenditure index reading for June, the Federal Reserve's preferred inflation gauge, will be released late Friday. Asia-Pacific markets were mixed on Friday after Thursday's sell-off saw some indexes in the region hit their lowest level in months.The sell-off came as traders rotated out of tech on Wall Street, pushing major U.S. indexes on Wednesday lower, with the S&P and Nasdaq extending their losses by 0.51% and 0.93% respectively on Thursday, while the Dow Jones Industrial Average rose 0.2%.
"There's a changing of the guard happening on Wall Street. The AI stocks that led on the way up are now leading on the way down," said Adam Sarhan, CEO of 50 Park Investments, adding that these movements are not uncommon during a bull market"great mini rotation."In Asia, traders assessed July inflation data out of Japan's capital city of Tokyo, which is widely considered a leading indicator of nationwide trends.
Tokyo's headline inflation slowed slightly to 2.2% in July from 2.3% in May, while its core inflation rate — which strips out prices of fresh food — remained unchanged at 2.2%, in line with expectations., which strips out prices of fresh food and energy and is watched by the Bank of Japan, fell to 1.5% from 1.8%.The yen will also be closely watched, after it strengthened sharply against the dollar in the past week. The currency is currently trading at 153.56 against the greenback.
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