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Asian shares trade mixed on Japanese data Nikkei boosted by weaker yen and oil price fall
(about 7 hours later)
Friday's Asian markets have a slew of Japanese economic data to digest - and it paints a mixed picture of the world's third largest economy. Japan's Nikkei index closed at its highest level for two weeks, with exporters boosted by a weaker yen and airlines helped by falling oil prices.
Excluding the effect of a large tax rise in April, October inflation was 0.9%, way below the 2% target. The Nikkei 225 closed up 211.35 points, or 1.2%, at 17,459.85.
Household spending fell by 4% in the same period, but retail sales rose 1.4%, beating expectations and unemployment fell from 3.6% to 3.5%. Shares in exporters rose as the dollar went above 118 yen. A weaker yen helps make Japanese exports more competitive.
All the data sent the benchmark Nikkei 1% higher to 17,420.63 points. Falling oil prices and the prospect of cheaper fuel pushed Japan Airlines' shares up 5.3%, while rival All Nippon Airways jumped 7.4%.
Meanwhile, the country's industrial output rose above expectations by 0.2% in October from the previous month, marking the second consecutive month of gains. The decision by oil producers' group Opec on Thursday to maintain current output levels sent the price of oil down sharply. Brent crude was trading at $72.49 a barrel on Friday having fallen by more than $5 on Thursday.
Including the tax rise, inflation was 2.9% higher in October than a year ago, compared with 3% in September. Investors were also digesting a large amount of economic data from Japan, which painted a mixed picture of the world's third-largest economy.
The yen traded at 118.21 against the dollar, near weekly highs of 118.57. Excluding the effect of a large tax rise in April, the inflation rate in October was 0.9%, way below the 2% target.
China shares were mixed with Hong Kong's energy shares hit by tumbling oil prices after the meeting of Opec countries decided not to cut production. Including the tax rise, core inflation was 2.9% higher in October than a year ago, compared with 3% in September.
The benchmark Hang Seng Index was down 0.1% at 23,980.45, while the Shanghai Composite was higher 0.3% to 2,637.18. Household spending fell by 4% in the year to October, but retail sales rose 1.4%, beating expectations and the unemployment rate fell from 3.6% to 3.5%.
Australian shares were lower with the resources sector also weighed down by slumping oil prices. Japan's industrial output rose by more than expected, climbing 0.2% in October from the previous month - the second consecutive month of gains.
The benchmark S&P/ASX 200 index was down 1.3% at 5,329.80. Hong Kong's benchmark Hang Seng index closed down 16.83 points at 23,987.45, while in China the Shanghai Composite ended up 52.35 points, or 2%, at 2,682.83.
In South Korea, shares edged lower after official economic data showed the industrial output fell against expectations in October after factory activity stalled in September. In Australia, the benchmark S&P/ASX 200 index closed down 1.6% at 5,313, its biggest percentage drop in seven weeks.
Production in October fell 1.6% month on month, significantly worse than a forecast of a 0.8% gain. Shares in the resources sector were weighed down by the slump in oil prices following the Opec meeting.
The Kospi was down 0.2% at 1,979.16. In South Korea, the Kospi index closed down 0.1% at 1,980.78.