Asian equities were seen mixed on Friday, as investors focus on the next Federal Reserve (Fed) meeting on September 17-18 to get clues as to when the fed would begin to taper its bond-buying program, which is predicted to start as soon as next week. Analysts are predicting the $85-billion monthly bond-buying program to be scaled-back by $10 billion this month.
Meanwhile, investors were also focused on the US and Russia discussions regarding the situation in Syria. The US secretary of State John Kerry met with Russian Foreign Minister Sergei Lavrov in Geneva, Switzerland on Thursday. The main focus of the discussion was on the practicalities of destroying, securing and monitoring Syria’s chemical weapons.
Metal prices have been dropping and dragging stocks in the region as the mining and material shares weakened.
The Japanese benchmark Nikkei 225 rose 0.12% higher at 14,404.67 on Friday. Data released on Friday indicated that Japan’s final industrial production rose 3.4% month-on-month in July, compared to previous month’s reading 3.2%. While the capacity utilization advanced 3.7% on a monthly basis in July, meeting analysts’ predictions.
Unofficial news reported that Japan may cut corporate taxes in the fiscal year starting April. Earlier in the week, the country’s Financial Minister Taro Aso said that the government will prepare a stimulus package to reduce the effect of a proposed sales tax on the economy.
Yahoo! Japan advanced 3.4% higher, while Nippon Electric Glass dropped the most, edging 5.7% lower.
The Japanese yen declined, down at 0.44% to ¥99.94 as of the time of writing, as the country’s exporters mixed. Toyota, the third-largest car-makers in the world, dropped almost 1%, as Sony Corporation followed with a 1.1% fall.
The Tokyo broader Topix index closed flat 0.08% to 1,185.28.
The session in China also saw losses, as the Hong Kong’s Hang Seng index closed 0.57% lower to 22,828 as of the time writing, while the mainland Shanghai Composite edged 1.05% to 2,231.62.
Bank of East Asia saw the most gains during the Hong Kong session, gaining 1.6%, while the China Coal Energy lost 7%, after the company announces that it plans to raise $40 million by selling its shares in Hong Kong.
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