A raft of data painting diverging pictures of Japan's economy
capped gains for Japan stocks Friday, while in China, the yuan fell
to its lowest level in months.
The Nikkei Stock Average was up 0.4% after factory output grew
sharply on a weaker yen and rising exports. Japanese industrial
production rose 4.0% in January, beating economists" forecasts for
a 2.8% gain.
But that didn't translate into improving consumer sentiment,
nine months after a broad sales-tax increase. Household spending
fell 5.1% in January from a year earlier, worse than the 4.1%
forecast. Retail sales fell 2.0%.
Shares of low-cost carrier Skymark Airlines Inc. plunged 19%.
The Nikkei reported that ANA Holdings Inc.'s president said his
airline won't take a majority stake in Skymark. Shares of ANA fell
0.1%.
In China, the yuan traded at 6.2688 against the U.S. dollar,
after the central bank set the yuan at 6.1475 to the U.S. dollar,
the weakest level in months. The onshore traded yuan can move no
more than 2% above or below the rate set by the central bank.
Shares in Asia were mixed after U.S. stocks ended mostly lower
Thursday, although the Nasdaq approached 5000 for the first time in
15 years. Stocks in Korea, Malaysia and Singapore slipped while,
the Shanghai Composite Index, Hang Seng Index and S&P/ASX 200
were up each by a fraction.
Write to Chao Deng at Chao.Deng@wsj.com
Access Investor Kit for Skymark Airlines, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=JP3396000006
Access Investor Kit for ANA Holdings, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=JP3429800000
Access Investor Kit for ANA Holdings, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US0323501009
Access Investor Kit for The NASDAQ OMX Group, Inc.
Visit
http://www.companyspotlight.com/partner?cp_code=P479&isin=US6311031081
Subscribe to WSJ: http://online.wsj.com?mod=djnwires
