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Asian stock markets traded mixed on Friday as investors adopted a cautious stance ahead of crucial U.S. employment data that could influence the Federal Reserve’s interest-rate outlook. Elevated Treasury yields and oil prices also continued to pressure market sentiment.
Japan’s Nikkei 225 fell 0.9%, while the broader TOPIX declined 1.1%. Hong Kong led regional losses, with the Hang Seng Index tumbling 3% to an 11-week low near 23,900 after markets reopened following Thursday’s holiday. The Hang Seng TECH Index dropped 2.5% as technology shares came under selling pressure.
South Korea’s KOSPI gained 0.3% after fluctuating between positive and negative territory. Australia’s S&P/ASX 200 advanced 0.5%, while Singapore’s Straits Times Index slipped 0.3%. Mainland Chinese markets remained closed for the National Day Golden Week holiday and are scheduled to reopen on October 8. Indian markets were also shut Friday for Mahatma Gandhi Jayanti.
Investors were also assessing stronger inflation data from Japan. Tokyo’s core consumer price index rose 2.7% year-on-year in September, accelerating from 1.8% in August and exceeding the 2.4% forecast.
The figures followed a summary of the Bank of Japan’s September meeting showing that some policymakers favored faster interest-rate increases amid growing inflation risks. The BOJ has already raised its policy rate to 1.25%, with markets considering another hike in October or December.
Attention now shifts to September U.S. nonfarm payrolls. Economists expect 89,000 new jobs, while unemployment is forecast to remain at 4.1%. Markets currently assign about a 25% chance of a Federal Reserve rate hike in October, down from 69% a week earlier, while a December increase remains fully priced.
Meanwhile, the U.S. 10-year Treasury yield eased to around 5.25% in Asian trading after reaching 5.34% on Thursday, its highest level since 2002. Brent crude remained above $102 per barrel, adding to inflation concerns amid reports of an increased U.S. military presence in the Middle East and China’s halt in oil-product exports.
