Japan's Economy Grows Slower Than Expected

(MENAFN- Baystreet.ca) Japan's Economy Grows Slower than Expected








Asia-Pacific markets were lower on Friday as Japan released revised second-quarter gross domestic product figures. Hong Kong cancelled trade for the whole day due to a storm warning.
In Japan, the Nikkei 225 index tumbled 384.24 points, or 0.8%, to 32,606.84, to erase the past week's gains.
Japan's economy grew 4.8% in the second quarter on a quarter-on-quarter annualized basis, a smaller growth than the 6% seen in the preliminary estimates and lower than the 5.5% expected in a Reuters poll.
Hong Kong's exchange cancelled trading on Friday after a“black rainstorm” warning as the Asian financial hub saw its heaviest rainfall in 140 years. Under Hong Kong Exchange guidelines, if the black rainstorm signal is not lifted after 12 p.m., there will be no trading for the day.
Australian markets notched their fourth straight day of losses.
CHINA
The CSI 300 lost 18.48 points, or 0.5%, to 3,739.99.
The offshore yuan weakened to its lowest level against the U.S. dollar since its inception in 2010, crossing the 7.35 level early this morning to trade at 7.3599 yuan per U.S. dollar.
The Chinese currency later pared its losses slightly, trading at 7.513 yuan against the greenback.
China's onshore yuan, which is traded on the mainland, was also at a 16-year high, trading at 7.3417 against the dollar.
In other markets
In Taiwan, the Taiex index retreated 43.12 points, or 0.3%, to 16,576.02.
In Singapore, the Straits Times ditched 18.84 points, or 0.6%, to 3,207.75.
In Korea, the Kospi index slipped 0.58 points to 2,547.68.
In New Zealand, the NZX 50 dropped 82.73 points, or 0.7% to 11,344.11.
In Australia, the ASX 200 gave back 14.32 points, or 0.2%, to 7,156.69.

MENAFN08092023000212011056ID1107033104