Japan's underlying inflation measure accelerates to 3.2%
The September increase was the largest since October 2023, ahead of a BOJ meeting expected to leave interest rates at 1.25%.
South Korea's third-quarter growth beats forecast as chip demand lifts exports
The economy expanded 1.0% from the prior quarter, exceeding the Bank of Korea's 0.3% forecast, as exports and investment increased.
South Korea recorded quarterly economic growth of 1.0% in July-September, preliminary Bank of Korea figures published October 27 showed. Strong semiconductor demand helped lift the result above the central bank's August forecast of 0.3%.
Exports increased 2.3%, with semiconductors, machinery and electrical equipment driving the gain, the central bank said. Facilities investment rose 4.1%, primarily reflecting purchases of machinery for semiconductor production.
Government figures put third-quarter semiconductor exports at $148 billion, up 218.7% from a year earlier. Chip demand also helped lift the current account surplus to record levels; the second-quarter surplus was $116.6 billion.
Annual GDP growth reached 3.4%, compared with 3.7% in the preceding quarter. Real gross domestic income, a measure of purchasing power, increased 18.8% year over year as semiconductor prices rose. That was its fastest rise in nearly 49 years.
The economy had expanded 1.7% quarter over quarter in the first quarter, its strongest performance in more than five years, also supported by semiconductor demand.
John Bromhead, a senior economist at Moody's Analytics, cautioned that growth could remain concentrated in semiconductors, exposing South Korea to the risk of weaker global spending on artificial intelligence.