Asia stocks mixed after Wall St breaks losing streak

BANGKOK (AP) — Shares in Asia were mixed Friday after Wall Street broke its longest losing streak since December with a modest rally led by tech stocks.

Benchmarks rose in Tokyo and Sydney but fell in Hong Kong, Shanghai and Seoul. Oil prices rose while U.S. futures edged lower.

Japan reported its core consumer price index, excluding volatile fresh foods, rose the most in 41 years in January. But the nominee to head its central bank, economist Kazuo Ueda, told lawmakers he favors keeping Japan’s benchmark interest rate near zero to ensure stable growth.

Ueda is expected to succeed BOJ Gov. Haruhiko Kuroda when he steps down in April after two 5-year terms marked by unprecedented easing. The change of leadership has prompted speculation about a possible change in the ultra-lax monetary stance, though Ueda sought to dispel such expectations.

“Time is needed before the effects of monetary policy kick in,” Ueda told Parliament, noting the price rises are peaking.

Wages in Japan have failed to keep pace with price increases, and worries over a potential global recession have left the BOJ wary of altering course.

“The fading momentum in food inflation suggests that it has already peaked," Darren Tay of Capital Economics said in a report. “And with government energy subsidies taking effect from this month, we still expect inflation to fall below the Bank of Japan’s 2% target by mid-year."

Tokyo's Nikkei 225 index added 1.3% to 27,453.48 and the S&P/ASX 200 in Australia gained 0.3% to to 7,307.00.

India's Sensex fell 0.2% at 59,467.56.

In Hong Kong, the Hang Seng index lost 1.2% to 20,099.79 while the Shanghai Composite index gave up 0.6% to 3,267.16. South Korea's Kospi lost 0.6% to 2,423.61. Bangkok and Taiwan also declined.

On Thursday, the S&P 500 rose 0.5% for...