Asian Markets Mixed as Fukushima? No, as Japan Inflation Data and Ceasefire Delay Weigh on Trade

Asian equities traded mixed in a shortened session after stock markets in China and Hong Kong were closed for a holiday. Japan's Nikkei rose 0.1%, Sydney fell 1.1%, and South Korea's Kospi, which had earlier surged nearly 3% to a fresh record, slipped 0.4%.

The market backdrop included the postponement of a planned ceremony in Switzerland to sign a ceasefire between the United States and Iran. According to the report, the Iranian delegation decided to suspend its departure because of IDF strikes in southern Lebanon.

In Japan, core inflation, which excludes energy prices, stayed unchanged at 1.4% in May, matching forecasts. That suggested underlying prices remained contained despite concerns that higher energy costs could push inflation up. Overall inflation edged up to 1.5% from 1.4% in the previous month, while the so-called core-core rate, which strips out both fresh food and energy, fell to 1.8% from 1.9% in April.

Wall Street closed higher the previous day, with the Nasdaq up 1.9%, the S&P 500 gaining 1.1% and the Dow Jones rising 0.1%. It was the final trading day of the week there, since U.S. exchanges then went on a holiday break.