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Asia report: Markets mixed, Japan sinks on political turmoil
Markets in Asia finished mixed on Monday, with Japanese stocks underperforming their regional peers after a strong performance from the yen, and amid a political scandal in the country.
Tokyo's Nikkei 225 declined 0.9% to 21,480.90, as the yen reversed some of its gains against the dollar, last sitting 0.26% weaker at JPY 106.29.
Sentiment was under pressure in the country, as a political scandal involving prime minister Shinzo Abe and the sale of state-owned land progressed, leading to a rush to the safe harbour of the yen.
Financial plays and major exporters - including carmakers and technology stocks - were on the back foot, although manufacturers managed a mixed finish.
Screen makers across Asia were down amid rumours US tech giant Apple was producing its own displays for the first time, with Japan Display sliding 2.42%.
On the mainland, the Shanghai Composite was ahead 0.3% at 3,279.60, and the smaller, technology-heavy Shenzhen Composite rose 0.27% to 1,868.05.
South Korea's Kospi was off 0.76% at 2,475.03, while the Hang Seng Index in Hong Kong eked out gains of 0.045 to 31,513.76.
Carmakers were markedly lower in Seoul, with Hyundai Motor off 3.81%, while steelmakers managed slight gains, as Posco finished ahead 0.29%.
Samsung Electronics was off 0.78%, also on the back of reports around Apple's screen capabilities.
Traders watched the nomination of Yi Gang to the top of the People's Bank of China on Monday, taking over from current governor Zhou Xiaochuan.
It was seen by the markets as a signal of continuity from Beijing in terms of monetary policy.
"Yi Gang, as a key architect of financial and foreign exchange reforms, is expected to follow up on yuan internationalisation, as well as further open up China's capital and financial markets in coming years," noted Mizuho Bank head of economics and strategy Vishnu Varathan.
Markets in the region were also beginning to turn their attention to the Federal Reserve across the Pacific Ocean on Monday, ahead of the FOMC's two-day policy meeting later in the week.
The central bank was expected to increase interest rate targets, with investors also looking for more clarity on the number of hikes policymakers were keen on this year.
The meeting would also be the first media conference from new Fed chair Jerome Powell.
Oil prices were lower as the region went to bed, with Brent crude last down 0.05% to $66.18 per barrel and West Texas Intermediate off 0.21% at $62.21.
In Australia, the S&P/ASX 200 added 0.17% to 5,959.40, led higher by the energy subindex, which was up 1.65% after oil price rises late last week.
Across the Tasman Sea, New Zealand's S&P/NZX 50 was up 0.2% at 8,492.12 on mixed trade, lead higher by outdoor apparel and equipment firm Kathmandu, which was up 1.7%.
Both of the down under dollars were weaker on the greenback, with the Aussie last off 0.06% at AUD 1.2972 and the Kiwi also retreating 0.06% to NZD 1.3865.