Tokyo, Oct. 28 (BNA): Most shares in Asia fell on Friday after a mixed session on Wall Street, as losses in the technology sector offset gains in other parts of the market.
The Tokyo benchmark fell as the government was preparing for a massive stimulus spending package to help the world’s No. 3 economy adjust to inflation.
As expected, the Bank of Japan ended a policy meeting by keeping its ultra-loose monetary policy unchanged even as inflation was expected to rise, according to the Associated Press.
The economic stimulus package due to be approved Friday includes government funding of about 29 trillion yen ($200 billion) in subsidies and other measures to help ease the cost burden from higher utility and food prices.
It is also designed to help garner support for Prime Minister Fumio Kishida, whose popularity has been battered by the scandal over relations between the ruling Liberal Democratic Party and South Korea’s Unification Church.
Most stocks in Asia fell on Friday after a mixed session on Wall Street, as losses in the tech sector offset gains in other parts of the market.
Another drop in long-term Treasury yields helped support stocks in companies that did not report quarterly results. The yield on the 10-year Treasury, which affects mortgage rates, fell to 3.91% from 4.01% late Wednesday. The two-year yield fell to 4.30% from 4.42%.
Except for the Nasdaq, the major indices are on track for weekly gains. The S&P 500 index remains steadily on its way to the end of October in the green.
Markets received some encouraging economic news on Thursday as the government reported that the US economy returned to growth in the last quarter, expanding by 2.6%. This indicates a turnaround after the economy contracted during the first half of the year.
In other trading, the dollar fell to 146.20 yen from 136.31 late Thursday. The euro rose to 99.79 cents from 99.66 cents.
The benchmark US crude oil lost $1.05 to $88.03 a barrel in electronic trading on the New York Mercantile Exchange. It rose $1.17 on Thursday to $99.08 a barrel. Brent crude lost 90 cents to $94.14 a barrel.
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