investingLive Asia-Pacific FX news wrap: Tokyo inflation accelerates

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• Recap – Tokyo inflation quickens to 2.8%, fuelling bets on BoJ rate hike
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• China official manufacturing PMI (October) 49.0 (expectd 49.6) services 50.1 (expected 50)
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• Australia Private Sector Credit September 2025: 0.6% m/m (vs. expected 0.6%)
• Australian Q3 PPI +1.0% q/q (prior +0.2%) and +3.5% y/y (prior +3.4%)
• TD Securities: December BoJ rate hike still possible despite cautious Ueda
• Preview – RBA to hold rates as sticky inflation delays next cut to 2026 – Reuters poll
• Japan Industrial Production (MoM) (September), preliminary 2.2% m/m (vs. expected 1.5%)
• Japan Retail Sales +0.5% y/y (vs. expected 0.7%)
• Japan jobless rate steady at 2.6%, labour market remains tight
• Tokyo October Headline CPI 2.8% y/y (expected 2.4%).
• Trump–Korea trade deal seen lifting Kospi, pressuring won amid U.S. investment outflows
• South Korea September Industrial Output -1.2% m/m and +11.6% y/y
• PIMCO: Powell reins in market cut bets as Fed ends QT, stays data-dependent
• Australia news: ANZ flag AUD1.1bn hit to second-half profit from restructuring, settlement
• Deutsche Bank: Eurozone resilience keeps ECB doves in check
• Goldman Sachs says ECB rate cut risk underpriced as data stay mixed
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• ANZ Roy Morgan New Zealand Consumer Confidence Index 92.4 October (prior 94.6)
• Apple beats on earnings and services, but China sales disappoint
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• Major US indices close at session lows. Amazon announces strong earnings after the close
• Amazon tops Q3 estimates, sees strong Q4 holiday sales

From Japan today, we had October inflation data from the Tokyo area, which often serves as an early indicator ahead of the nationwide figures due in about three weeks.

The Tokyo core consumer price index (excluding fresh food) rose 2.8% year-on-year, above forecasts for 2.6% and up from 2.5% in September. The core-core measure (excluding both food and energy) also climbed 2.8%, underscoring persistent price pressures.

The gains were driven mainly by higher food costs — including a 38% jump in rice prices — while service-sector inflation remained modest at 1.6%, suggesting firms are still slow to pass on rising labour costs.

Elsewhere, industrial output and jobless data were encouraging (see details above). The yen drifted higher in morning trade to just under ¥153.70 before recovering to around ¥154.00.

From China, the official October PMIs showed manufacturing slipping further into contraction at 49.0 (from 49.8 in September), marking a seventh consecutive month below 50, while non-manufacturing edged up to 50.1 from 50.0.

Outside of the yen, major FX pairs traded narrowly.

Japan’s Nikkei 225 set another record high, while mainland Chinese and Hong Kong equities underperformed.

Asia-Pac
stocks:

• Japan
  (Nikkei 225) +1.7%
• Hong
  Kong (Hang Seng) -0.8%
• Shanghai
  Composite -0.6%
• Australia
  (S&P/ASX 200) +0.25%

This article was written by Eamonn Sheridan at investinglive.com.