Asian stock markets follow economic data from the region
Asian markets took a breather after South Korea’s first quarter GDP exceeded expectations.
Asia-Pacific markets took a breather after two consecutive days of gains, reflecting moves on Wall Street ahead of the US’ first-quarter gross domestic product data on Thursday.
In Asia, investors will consider South Korea’s first-quarter GDP growth of 3.4 percent annually, the highest quarterly growth since the fourth quarter of 2021.
Separately, the Bank of Japan kicks off its monetary policy meeting on Thursday as investors watch for action against yen weakness. The yen rose above 155 points against the US dollar on Wednesday, hitting its lowest level in 34 years.
Japan’s Nikkei 225 index fell 1.8 percent and the Topix fell 1.4 percent. The yen is trading at 155.41 against the dollar, still above the 155 level.
South Korea’s Kospi index also lost value by 1.12 percent, while the small-scale Kosdaq index lost 0.36 percent.
Hong Kong’s Hang Seng index fell 0.45 percent, while China’s CSI 300 index fell 0.4 percent.
Markets in Australia and New Zealand are closed for public holidays.