Asian Stocks Muted as Japan's Budget Plans Boost Shares

Asian stocks were largely muted on Thursday as trading remained thin with major stock indexes shut for holidays, while Japanese shares climbed after a report showed Japan planning a record budget for the upcoming fiscal year. Stock markets in Indonesia and Hong Kong were closed for Christmas, while Australia and New Zealand markets were shut on Thursday for the Boxing Day holiday.

Asian markets were nursing losses in recent sessions after the Federal Reserve flagged a slower pace of interest rate cuts in 2025- a scenario that bodes poorly for risk-driven assets. Japan's government is preparing a record $735 billion budget for the fiscal year starting in April, driven by rising social security and debt-servicing expenses, according to a draft obtained by Reuters. The 115.5 trillion yen draft budget comes as the Bank of Japan moves away from its decade-long stimulus program, increasing pressure on the government to take on a larger role in supporting the economy. BOJ Governor Kazuo Ueda said on Wednesday that the economy is expected to make progress toward sustainably reaching the central bank's 2% inflation target next year, hinting that an interest rate hike could be approaching. However, he emphasized the importance of carefully evaluating the impact of uncertainties in global economies, particularly the policies of the incoming U.S. administration under President-elect Donald Trump. Chinese authorities have decided to issue a record-breaking 3 trillion yuan ($411 billion) in special treasury bonds next year, in an intensified fiscal effort to stimulate a struggling economy, Reuters reported on Tuesday. Moreover, China is allowing local officials to broaden investments with key government bonds and simplifying approvals, permitting projects unless restricted by a cabinet-published list, to better utilize public funding for economic growth, a government document showed on Wednesda

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