Asian stock markets rise despite concerns about the US economy

2024-04-26 04:48:01

TOKYO (AP) — Asian stock markets mostly rose on Friday despite concerns about the economic outlook and inflation in the United States and the rest of the world.

The Bank of Japan concluded a policy meeting without making any substantial changes, keeping its benchmark interest rate in a range of 0 to 0.1%. In March, it raised the key rate from -0.1%, citing signs that inflation had reached the bank’s target of about 2%.

Japan’s Nikkei 225 index gained 0.4% in morning trading and was trading at 37,780.35, while the US dollar was at 155.54 Japanese yen.

Although a weak yen is an advantage for large Japanese exporters such as Toyota Motor Corp., whose overseas profits increase when converted to yen, some Japanese officials, including Finance Minister Shunichi Suzuki, have been raising concerns that a currency that is too weak is not good for the Japanese economy in the long term.

In other currency quotes, the euro stood at $1.0726, an improvement from its previous quote of 1.0733.

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AP writer Stan Choe contributed to this report.

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