BOJ candidate's remarks echo in Asia

Asia-Pacific stocks were mixed on Friday after a speech by Bank of Japan governor-designate Kazuo Ueda. The Nikkei 225 rose 1.09 percent and the topix rose 0.57 percent. Japan's core inflation rose 4.2 percent in January, the highest since 1981. In Australia, the S&P/ASX 200 gained 0.32 percent. South Korea's Kospi fell fractionally, while the Kosdaq fell 0.35 percent. Hong Kong's Hang Seng Index was down 1.62 percent and the Hang Seng Tech Index fell 2.24 percent. In mainland China, the Shenzhen composite was down 0.84 percent and the Shanghai Composite was 0.63 percent lower. BOJ governor-designate Kazuo Ueda said he still supports accommodative policies in the current climate but that the central bank will need to review monetary policy if the outlook for prices improves. Addressing the Japanese parliament as part of his presidential appointment process, Ueda said the BOJ would end its massive bond purchases if the 2% inflation target could be consistently achieved. He added that this would take time.