Asian Equities Mixed As BoJ Holds Rates Steady, SK Short Selling Ban

Asian markets are mixed today, Japanese equities rose on a weaker yen after the Bank of Japan maintained its monetary policy, South Korean equities are higher after authorities decided to extend the ban on short selling. Overall, the MSCI Asia Index fell, with Alibaba and TSMC among the biggest drags, as traders assessed the potential for Federal Reserve rate cuts amid rising US jobless claims.

• Japanese stocks rose as a weaker yen supported exporters following the Bank of Japan's decision to delay reducing bond buying and maintain its benchmark interest rate. The Nikkei 225 is up 0.46%, while the Topix is 0.53%, banks stocks are the worst performing with the Topix Bank Index down 0.93%.
• South Korean equities are mixed today Kospi is 0.30% higher while the small cap index the Kosdaq is down 1%. Earlier, Import price index rose to 4.6 y/y from 2.9% with the Export price index also rising to 7.5% y/y from 6.2%. On Thursday, government officials announced that the short selling ban will remain until proper systems are ready, and that the tax incentive plan for the corporate "Value-Up" program will be prepared shortly. The broader market sentiment remained cautious due to potential impacts from international economic trends.
• Taiwan equities are higher today, led higher by tech names with the Philadelphia SE Semiconductor Index trading up another 1.48% overnight. Late on Thursday, the central bank kept interest rates on hold at 2%. The Taiex is currently trading 0.40% higher.
• Australian shares opened lower, following a weaker performance in global markets. The downturn was influenced by concerns over US economic data and its potential impact on local exporters and market dynamics. The ASX200 is 0.32% lower.
• Elsewhere, New Zealand equities are down 0.11%, earlier food prices fell 0.2% m/m from 0.6% in April and the lowest annual increase in almost six years. Singapore equities fell 0.28%, Malaysian equities are down 0.16%, Philippines equities are down 0.19%, Indonesian equities are lower on the back of President Elect announcing plans to increase the debt-to-gdp ratio to about 50% over the coming years.