Asian markets closed mostly lower at the end of trading on Tuesday, October 28, following a series of gains and record highs for Japanese indices amid anticipation of a meeting between US President Donald Trump and Japanese Prime Minister Sanae Takaichi on her first official visit since assuming office, on the sidelines of the Association of Southeast Asian Nations (ASEAN) summit. Markets are also awaiting the US Federal Reserve meeting tomorrow, Wednesday, and the Bank of Japan meeting at the end of the week.
Markets are awaiting the Bank of Japan meeting on Thursday, as expectations of a Japanese interest rate hike have declined following recent political uncertainty and the election of Prime Minister Sanae Takaichi, who supports accommodative policies. Markets had largely expected the bank to resume raising interest rates in October, but now see only a 12% chance of a rate hike. Markets will also be closely monitoring the quarterly report on growth and inflation expectations, which is released every three months. The Nikkei index closed the session at 50,219 points, down 0.58%, or 293 points, while the Topix index of the Tokyo Stock Exchange fell by approximately 1.18% today, closing at 3,285 points. Nidec led the Nikkei’s losses, falling more than 19% after the Tokyo Stock Exchange stated that the electric motor manufacturer needs to improve internal controls following suspected accounting irregularities, raising the possibility of its delisting from the Nikkei on November 5.
Chinese indices also recorded declines today, with the broader Chinese CSI300 index falling by approximately 0.51%, closing at 4,691 points, while the Shanghai Composite index of the Shanghai Stock Exchange closed down 0.22%, closing at 3,988 points. The Hang Seng Index, the main index of the Hong Kong Stock Exchange, fell by approximately 0.52% today, closing at 26,297 points, with Zijin Mining Group leading the declines, with losses of more than 5%.
Conversely, the South Korean Kospi index fell by approximately 0.80% today, closing at 4,010 points, as figures issued by the Bank of Korea announced a 1.2% growth in the third quarter ending in September, recording the fastest pace of growth since the first quarter of 2024, supported by strong exports and rising private consumption.
India’s Sensex index fell by approximately 0.19% before closing at 84,617 points, while the Nifty 50 index fell by approximately 0.09%, trading at 25,942 points.
New Zealand stock markets closed with gains today, with the NZX50 index rising 0.08% to close at 13,402 points, while Australia’s ASX200 index fell 0.48% to close at 9,012 points. Singapore’s main index rose 0.46% in pre-market trading.