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BANGKOK (AP) — Asian shares were mixed on Wednesday after Japan reported its exports jumped nearly 10% in December, though shares in Tokyo declined. Hong Kong’s Hang Seng surged 2% to 15,569.39, helped by gains in technology companies like e-commerce giant Alibaba, which surged 3.8%. The index rose 0.3% to 4,864.60. United Airlines flew 5.3% higher after it also reported stronger profit for the last three months of 2023 than analysts expected. Among Tuesday’s headliners was Verizon Communications, which rose 6.7% after beating analysts’ profit estimates.

Persons: Wang Jiangjun, Hang Seng, ” Gabriel Ng, India's Sensex, Gamble, D.R, Horton, Brent Organizations: Japan, China Securities Regulatory Commission, Capital Economics, Nikkei, Bank of, Nasdaq, Dow Jones, Procter, United Airlines, Boeing, Max, Tesla, Intel, Verizon Communications, General Electric, Analysts, Federal Reserve, Treasury, New York Mercantile Exchange, U.S Locations: BANGKOK, Tokyo, China, Shanghai, Bank of Japan, South Korea, Australia, Bangkok

The data comes hours before the Bank of Japan (BOJ) concludes its two-day policy meeting that began on Thursday. While government subsidies pushed down utility bills, prices rose for a range of food and daily necessities in a sign that steady inflation was taking hold in the world's third-largest economy. "The persistent stickiness of inflation means the BOJ will need to revise up their inflation forecasts at its October meeting," said Gabriel Ng, an economist at Capital Economics. After hitting a peak of 4.2% in January, core inflation continued to slow as the effects of last year's sharp rises in fuel and raw material prices dissipate. But some analysts say the slowdown has not been as large as expected due to steady rises in food prices, and could keep inflation above the BOJ's target longer than initially thought.

Persons: Kazuo Ueda, Gabriel Ng, Ueda, Leika Kihara, Shri Navaratnam, Sam Holmes Organizations: Bank of Japan, Capital Economics, Thomson Locations: TOKYO

☆ Japan's core inflation eases, bolstering view BOJ will stand pat
▼ + stars: | 2023-08-18 | by ( Tetsushi Kajimoto | ) www.reuters.com time to read: +2 min

The 3.1% rise in the core consumer price index (CPI), which includes oil products but excludes volatile fresh food prices, matched a median market forecast, following a 3.3% increase in the previous month. The so-called core-core inflation index, which excludes fresh food and energy prices and is closely watched by the BOJ as a better gauge of trend inflation, rose 4.3% year-on-year in July, accelerating from the previous month. Still, analysts say an acceleration in service-led inflation is a positive sign that demand-side inflation, which the BOJ is looking to stoke, may be building. Gabriel Ng, economist at Capital Economics, said the key question is whether services inflation can pick up the baton. Food costs were among the major contributors to the overall inflation due to elevated prices of raw materials.

Persons: Takeshi Minami, Gabriel Ng, Ng, Kazuo Ueda, Tetsushi Kajimoto, Sam Holmes Organizations: Bank of Japan, Norinchukin Research, Capital Economics, Reuters, Thomson Locations: TOKYO, stoke

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