The Asian markets concluded Wednesday’s trade mostly in red, with Hong Kong shares ending flat in green. The Bank of Japan unanimously voted to keep the current monetary base target at the conclusion of a two-day board meeting. The Bank of Japan will conduct money market operations so that the monetary base will increase at an annual pace of about 60 to 70 trillion yen. The BoJ also maintained its outlook, repeating, Japan’s economy is expected to continue a moderate recovery as a trend, while it will be affected by the subsequent decline in demand following the front-loaded increase prior to the consumption tax hike. Japan’s trade balance rose to a seasonally adjusted -0.84T, from -1.63T in the preceding month whose figure was revised up from -1.71T. Indonesia’s government forecast a widening budget deficit next year on rising fuel subsidies, which could pose a problem for the new president amidst a global economic slowdown. The fiscal deficit in 2015 will remain expansive but measured which will translate into a budget deficit in range of 1.7% to 2.5% of GDP.
Singapore’s economy will experience modest expansion this year as a tight labor market constrains some industries amid improving global demand, the government stated after growth exceeded initial estimates last quarter. The city state maintained its 2014 growth and export forecasts even as manufacturing gains helped gross domestic product rise an annualized 2.3% in the three months through March from the previous quarter, more than an April estimate of a 0.1% expansion.
Asian Indices | Last Trade | Change in Points | Change in % |
Shanghai Composite | 2024.95 | 16.83 | 0.84 |
Hang Seng | 22836.52 | 1.84 | 0.01 |
Jakarta Composite | 4910.29 | 14.34 | 0.29 |
KLSE Composite | 1877.03 | -4.13 | -0.22 |
Nikkei 225 | 14042.17 | -33.08 | -0.24 |
Straits Times | 3261.78 | -3.69 | -0.11 |
KOSPI Composite | 2008.33 | -2.93 | -0.15 |
Taiwan Weighted | 8862.42 | -25.37 | -0.29 |
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