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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +1.03%, Hang Seng +0.75%, Shanghai Composite +0.36% as of 03:10 ET

Dec 19 ,2025

  • Synopsis:

    • Asia equities ended higher Friday: Gains for technology-orientated benchmarks in South Korea, Taiwan and Japan. Australia stocks also higher and India gaining to break a four-day losing streak. Greater China benchmarks closed higher. Southeast Asia traded a little more mixed. For the week, Asia markets traded lower with some sharp falls in Japan, South Korea and Taiwan despite Friday's rally, Greater China was mixed. US futures mixed, Europe flat at the open. US dollar slightly higher, yen weaker on ambiguous BOJ message post rate hike. Treasury yields higher across tenors, JGB yield also higher including 10Y above 2% for the first time since 2006. Crude oil lower, precious and industrial metals near unchanged. Cryptocurrencies higher.

    • Asia equities closed higher almost everywhere Friday following a Wall Street rally sparked by lower-than-expected, if somewhat tainted, consumer inflation data. Japan equities opened higher and maintained their gains after the Bank of Japan raised its base interest rate 25 bps to 0.75% as universally expected by markets and economists. Governor Ueda emphasized the bank's accommodative stance will stay in place but also signaled further rate increases were likely. Economists said the lack of clarity on messaging and timing for the next cut would weigh on the yen which neared 157 per dollar in late trade, and into intervention territory. Meanwhile, 10Y JGB yields rose to reach 2.0% for the first time since 2006.

    • In separate developments, Japan consumer inflation stayed above the BOJ's target rate but was steady on a m/m basis. South Korea's government and the BOK said they would take fresh measures to stabilize the won; meanwhile South Korea PPI rose to a 16-month high reflecting a surge in memory prices. New Zealand business confidence rose to its highest since early 1994 while consumer confidence hit a four-year high as lower interest rates boosted buyer sentiment. Malaysia exports disappointed but still grew 7.0% y/y. Overnight, Taiwan's central bank raised its economic forecasts thanks to tech exports, and kept its base interest rate unchanged as expected.

    • ByteDance signed a deal to sell its TikTok's US assets to an American-owned consortium. Grab (GRAB) is to partner with China autonomous driving start up Momenta in its Southeast Asia markets. IndiGo (InterGlobe Aviation, 539448.IN) faces an antitrust violation probe following mass flight cancellations. Activist investor Elliott has courted Toyota Industries (6201.JP) shareholders to build support for its buyout battle with Toyota Group. Japan Petroleum Exploration (1662.JP) has bought the US's Verdad Resources in a $1.3B deal.

  • Digest:

    • BOJ Governor Ueda offers little clarity on neutral rates:

      • Yen weakness accelerated over BOJ Governor Ueda's press conference (coinciding with the London time zone handover). Japanese market wraps indicated some early dovish takeaways on the disappointment the policy statement did not offer more aggressive rate hike guidance, albeit prior discussions debated whether a normalization stance would be retained at all. Still, there was no mention in the policy statement of neutral rates, only reaffirming a well-established view that underlying inflation would be consistent with the price stability target in the second half of the projection period. Ueda said the pace of policy adjustment would remain data-dependent while continuing to note the imprecision of neutral rate estimates (Reuters). Still indicated a desire to update neutral rate estimates though was skeptical about whether it would lead to a significant narrowing in the range (previously stated as 1.0-2.5%). That said, Ueda indicated the policy rate is still somewhat below the lower end of estimates. Other commentators suggested the gradual rate hike trajectory evoked by the statement points to real rates remaining negative for some posing a bearish signal for yen (Bloomberg).

    • BOJ hikes by 25 bp as expected, retains normalization stance:

      • BOJ unanimously voted for a 25 bp rate hike, matching expectations, taking the uncollateralized OCR to 0.75% for the first time since 1995. Economic assessment emphasized domestic wage hike dynamics and saw enough evidence that a virtuous cycle remains intact -- notably drawing from an adhoc compilation of anecdotal evidence from BOJ branches. While acknowledging US economic outlook and tariff uncertainties persist, such risks have declined. As such, BOJ sees highly likely the wage-price cycle will be maintained, increasing the likelihood of achieving the price stability target in the second half of the projection period. Consistent with press previews, real rates expected to remain significantly negative after the move and financial conditions accommodative. Amid close attention on guidance, statement reaffirmed that with real rates significantly low, rate hikes will continue in accordance with improving economic activity and prices, with no notable tweaks in language. Some dissention emerged for the economic assessment rather than the policy decision, and implications leaned hawkish. Takata argued official and underlying CPI inflation had generally already reached the price stability target. Tamura expects underlying CPI inflation to be generally consistent with the price stability target from the middle of the projection period. Focus shifts to Governor Ueda's press conference for elaboration on policy guidance.

    • Japan CPI in line:

      • Nationwide core CPI inflation was steady at 3.0%, matching expectations. Ex-fresh food & energy inflation dipped to 3.0% from 3.1%, also in line. Result was generally consistent with steady readings in the advanced Tokyo data. Energy contributions little changed for now until another round of electricity & gas subsidies from the forthcoming stimulus package takes effect in 1Q26. Other components leaned marginally softer on balance. Biggest mover was a continuation of deceleration in non-fresh food inflation. However, moderation in broadest rice category have diminished after a rapid normalization from 100% gains in May and June. Permeation effects apparently paused with private sector dining prices slowing to 4.5% from 4.7% though remaining well above the BOJ 2% target. A number of rice-based products and dining sectors similarly remain elevated. Coffee bean and chocolate prices still surging though both peaked in September. BOJ continues to predict a deceleration in core inflation below the 2% threshold through 1H FY26 as current pressures such as from rice prices wane. Consistent with private sector projections as JCER consensus looks for core inflation to ease into mid-next year, troughing at 1.64% in 2Q26 before returning to the 2% zone in 1Q27.

    • Japan sees biggest annual equity inflows since the year of Abenomics:

      • Nikkei cited TSE portfolio data for the second week of December showing foreign investors bought net JPY189.7B ($1.22B) in Japanese equities. This takes the YTD total to JPY5.88T, marking the highest since the JPY15.1T in 2013 when the Abe administration implemented an aggressive policy mix. Main themes cited were US tariff policy that provided an opportunity to diversify away from concentrated US exposure as well as Japan economic and corporate reforms. Article described two distinct inflow phases. First catalyst was the Liberation Day tariff announcements in April. Second was Japan's change in government that saw Ishiba ceding to a more pro-growth Takaichi -- the latter's reputation carrying over her alignment to the late prime minister Abe. This theme gained traction from around mid-September and climaxed with a JPY1T inflow after Takaichi won the LDP leadership race in October. Takaichi optimism was buttressed by more granular bullish views on strategic sectors such as AI and defense. Japan relative performance proved hard to ignore with Nikkei up 24% YTD in dollar terms, notably outpacing 14% gains in S&P 500 for the first time in five years, while the magnitude was the largest since the Lehman shock in 2008. By region, TSE monthly tallies showed North American investors had bought net JPY1T in the year through October, a 14-year high. EU currently net buyers of some JPY3T though flows have been volatile.

    • South Korea government and BOK take fresh measures to ease pressure on won:

      • South Korea's government, Bank of Korea took fresh measures to stabilize won Friday. Seoul will waive forex stability levy for banks, pay interest on foreign currency reserve requirement deposits held by financial institutions for next six months (Yonhap). Measures expected to lower institutions' foreign currency borrowing costs to trigger increase in dollar, other foreign currency supply in market. BOK hopes this will allow banks to absorb liquidity shocks and reduce forex volatility. Follows measures announced Thursday, bank said it would continue to carry out 'smoothing' operations when it sees excessive, one-sided movements in forex (Bloomberg). Won continued to weaken late Friday on tailcoat of weaker yen; still worst performing Asia currency YTD amid overseas investor exodus, domestic retail buyers of US stocks, large investment pledge to US. Latest moves added to previous measures including national pension service selling dollars, restrictions on local brokerages marketing overseas equities.

    • Notable Gainers:

      • +14.2% 2039.HK (China International Marine Containers (Group)): increases H-share on-market buyback announced on 22-May from HK$500M to HK$800M

      • +11.7% 8570.JP (AEON Financial Service): Oasis Management discloses 5.1% stake

      • +11.4% 300765.CH (CSPC Innovation Pharmaceutical): CSPC Megalith Biopharmaceutical reaches primary endpoints for phase III clinical trial of secukinumab injection for mild to severe plaque psoriasis

      • +7.3% 1999.HK (Man Wah Holdings): acquires US upholstered furniture manufacturer for $58.7M

      • +6.8% 1880.HK (China Tourism Group Duty Free): successful bidding for projects from two major Shanghai airports

      • +5.8% 042660.KS (Hanwha Ocean): receives KRW2.589T contract for 7 LNG carriers

      • +2.7% 4502.JP (Takeda Pharmaceutical): reports positive topline results for two phase 3 studies of TAK-279 for moderate-to-severe plaque psoriasis in adults

    • Notable Decliners:

      • -12.3% 4565.JP (Nxera Pharma): Boehringer Ingelheim decides not to exercise exclusive option to license Nxera's GPR52 agonist program for schizophrenia

      • -1.5% 6758.JP (Sony): WildBrain to divest its 41% stake in Peanuts to Sony for C$630M in cash

      • -0.7% 2207.TT (Hotai Motor): Hino Motors to sell 80% stakes in five subsidiaries to Hotai Motor ¥27.03B (NT$5.46B) in total

  • Data:

    • Economic:

      • Japan November

        • Nationwide core CPI +3.0% y/y vs consensus +3.0% and +3.0% in prior month

          • CPI excl. fresh food & energy +3.0% y/y vs consensus +3.0% and +3.1% in prior month

          • Overall CPI +2.9% y/y vs consensus +2.9% and +3.0% in prior month

      • Australia November

        • Private sector credit +0.6% m/m vs consensus +0.6% and +0.7% in October

      • New Zealand

        • December ANZ Business Confidence +73.6 vs +67.1 in November

        • November trade balance (NZ$163M) vs revised (NZ$1,598M) in October

          • Exports +9.2% y/y vs +16.0%% in October

        • Imports +4.4% y/y vs +11.0% in October

    • Markets:

      • Nikkei: 505.71 or +1.03% to 49507.21

      • Hang Seng: 192.40 or +0.75% to 25690.53

      • Shanghai Composite: 14.08 or +0.36% to 3890.45

      • Shenzhen Composite: 24.03 or +0.98% to 2464.89

      • ASX200: 33.20 or +0.39% to 8621.40

      • KOSPI: 26.04 or +0.65% to 4020.55

      • SENSEX: 413.75 or +0.49% to 84895.56

    • Currencies:

      • $-¥: +1.26 or +0.81% to 156.8150

      • $-KRW: +1.62 or +0.11% to 1477.1800

      • A$-$: (0.00) or (0.12%) to 0.6605

      • $-INR: (0.08) or (0.09%) to 90.1785

      • $-CNY: (0.00) or (0.02%) to 7.0404

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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