The Nikkei 225 index tilted higher on Friday as investors reflected on the Omicron variant and the latest Japan’s inflation data. The index rose to ¥28,820, which was significantly higher than this week’s low of ¥27,915.
Japan stocks rose after the country’s statistics agency published weak inflation data. Consumer prices were barely moved in November even as the cost of doing business rose. The core CPI, which excludes the volatile food and energy prices, rose by just 0.2% in November. The numbers came a week after the Bank of Japan (BOJ) hinted that it will halt its bond purchases program.
The Nikkei 225 index also rose after the country’s cabinet approved a record budget by Fumio Kishida. The country plans to spend $940 billion yen for the year ending in March 2023. That will be a 0.9% increase from the current year’s budget.
Still, analysts expect that the final figure will be higher because Japan is fond of extra budgets. Most of these funds will go to social spending and the promotion of science and technology.