Most Asian markets decline, Tokyo at record high again
Major markets across US made gains, the weakness of yen is attracting many foreign investors to Japanese shares
image for illustrative purpose
The Fed Reserve has been trying to tame inflation back to its target of 2%. Previous data on consumer and wholesale prices came in hotter than Wall Street expected. Traders now expect the Fed to cut rates in June instead of March
Tokyo: Asian shares mostly declined on Monday, although Tokyo’s benchmark Nikkei 225 index touched another record high in morning trading. The Nikkei 225 gained 0.5 per cent to 39,309.76. Trading was closed in Tokyo for a holiday on Friday. The benchmark surged to an all-time high on Thursday. In currency trading, the dollar edged up to 150.49 Japanese yen from 150.47 yen. The euro cost $1.0818, down from $1.0823.
The weakness of the yen is one factor attracting many foreign investors to Japanese shares, said Stephen Innes of SPI Asset Management. He said investors were selling to lock in profits from recent gains in Chinese markets, which have rallied slightly after a months-long slump.
Hong Kong’s Hang Seng dipped 0.7 per cent to 16,606.31, while the Shanghai Composite dropped 0.7 per cent to 2,984.74. Elsewhere in Asia, Australia’s S&P/ASX 200 was little changed, inching down less than 0.1 per cent to 7,641.50. South Korea’s Kospi slipped 0.8 per cent to 2,647.34.
On Friday, Wall Street finished the week with a record high, mostly on the back of a strong technology sector. But some technology company shares weakened, or stood little changed, such as Nvidia.
