Foreign Markets

Japanese markets ended modestly lower as data showed the annual inflation rate in Japan climbed to 2.9 percent in November 2024 from 2.3 percent in the prior month, marking the highest reading since October 2023. The Nikkei average closed down 0.29 percent to 38,701.90 while the broader Topix index settled 0.44 percent lower at 2,701.99. Nikkei is at around two and half week low. Japanese inflation edged up in November as higher energy costs dominated proceedings. Consumer prices in Japan were up 2.9 percent on year in November, the Ministry of Communications and Internal Affairs said on Friday. This was up from 2.3 percent in October. On a seasonally adjusted monthly basis, consumer prices rose 0.6 percent - accelerating from 0.4 percent in the previous month. Core CPI, which excludes the volatile costs of food, rose an annual 2.7 percent - rising from 2.3 percent a month earlier. Core CPI was up 0.3 percent on month, easing from 0.4 percent in October.

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