Mixed Asian Trading as Japan Exports Hit 3.5-Year High
Asian markets traded unevenly on Wednesday, following a mixed close in New York. Japan's Nikkei rose 0.8%, South Korea's Kospi gained 0.1%, Hong Kong's Hang Seng fell 0.5%, and Shanghai slipped 0.1%. Oil prices steadied after sharp losses the day before, with Brent at $79.1 a barrel and WTI at $76.1. Investors were also waiting for the Federal Reserve's policy decision, the first under new chair Kevin Warsh, with rates expected to stay unchanged.
Japan's exports jumped 17% in May from a year earlier, the strongest increase since November 2022 and above economists' forecast of 16.2%. In April, exports had risen 14.8%. Semiconductor exports surged 61.2% on the artificial intelligence boom, while car exports increased 16.4%. Shipments to China, Japan's largest trading partner, climbed 17.9%, and exports to the United States, the second-largest destination, rose 12.5%.
Exports to the Middle East, however, fell 32% sharply because of the war in Iran. The article says the conflict cut into Japanese trade with the region.
In Tokyo trading, Lasertec jumped 11.4% and Japan Steel rose 8%, while Kawasaki Heavy Industries gained 7.2%. SoftBank fell 3.5%. In Seoul, Hanwha Ocean climbed 7.7% and Hanwha Aerospace rose 6.4%, while Hyundai lost 3.5% and Samsung C&T dropped 3.4%.
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