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Japan stocks rebound ahead of US payrolls Japan stocks rebound ahead of US payrolls
(about 1 hour later)
Japanese stocks are rebounding after three days of losses, as investors turn their attention to US job market numbers, due out later on Friday Japanese stocks are rebounding after three days of losses, as investors turn their attention to US job market numbers, due out later on Friday.
US unemployment figures for June will be released, following a disappointing report in May. The unemployment figures will be a significant factor in the Federal Reserve's decision as to whether to raise interest rates this year.
The benchmark Nikkei 225 index rose 0.3%, or 50.60 points at the open, while the Topix index gained 0.2%. US companies are expected to have created 175,000 jobs in June after a disappointing 38,000 in May.
The market also brushed off weaker-than-expected data showing Japan's wage growth had turned negative in May. The benchmark Nikkei 225 index rose 0.5% while the Topix index gained 0.2%.
"The Fed is likely to keep its cautious stance. More jobs data will be necessary to ensure that the recovery of the labour market is entrenched," Cynthia Jane Kalasopatan from Mizuho Bank said.
"Overall, if non-farm payrolls continue to point to solid job gains in coming months, then Fed may be comfortable to hike policy rate once this year especially if there is more clarity as regards to Brexit risks."
Japanese data disappoints
Japan's share market also brushed off weaker-than-expected data showing Japan's wage growth had turned negative in May.
Labour cash earnings, a measure of worker pay including bonuses, fell 0.2% from a year earlier.Labour cash earnings, a measure of worker pay including bonuses, fell 0.2% from a year earlier.
That is the first time it contracted in a year. Estimates were for a 0.5% rise.That is the first time it contracted in a year. Estimates were for a 0.5% rise.
Japan also posted disappointing trade data. Its current account surplus narrowed to $18bn in May, which was below economist expectations.Japan also posted disappointing trade data. Its current account surplus narrowed to $18bn in May, which was below economist expectations.
In the rest of Asia, South Korea and Australia's share markets were trading flat. Other Asian markets were mostly lower, tracking declines in crude oil prices.
South Korea's benchmark Kospi index is 0.2% lower while Australia's share markets is trading flat.
Hong Kong's Hang Seng opened 0.8% in the red and the Shanghai Composite is marginally lower.
Taiwan's markets are closed because of a typhoon.