Shares in the Asia-Pacific were mixed on Monday as recession fears weigh in over expectations of continued tighten monetary policies around the world.
The Nikkei 225 fell 1.16% to 26,775.79 while the Topix lost 0.98% to 1,879.56. The U.S. dollar continued to hover at 32-year highs against Japan’s yen, last trading at 148.65 per dollar.
In Australia, the S&P/ASX 200 was 1.4% lower at 6,664.40. Hong Kong’s Hang Seng index was marginally higher in the final hour of trade after reversing losses, while the Hang Seng Tech index was 0.67% lower.
The Shanghai Composite in mainland China pared earlier losses and gained 0.42% to 3,084.94, while the Shenzhen Component
was up 0.365% to 11,162.26. South Korea’s Kospi also recovered earlier losses and gained 0.32% to 2,219.71. MSCI’s broadest index of Asia-Pacific shares outside Japan was 0.57% lower.
Later in the week week, several countries in the region are slated to report inflation data, while Australia will release unemployment statistics and China will announce its loan prime rate decision.
Over the weekend, Chinese President Xi Jinping gave a speech at the opening ceremony of the ruling Communist Party of China’s 20th National Congress, where he warned against “interference by outside forces” in Taiwan — a self-ruled island that Beijing sees as a runaway province.
He also said China “will never promise to renounce the use of force” for reunification.
U.S. stocks closed the previous week lower after a University of Michigan survey showed inflation expectations were increasing.