Asia markets traded mostly higher on Monday as investor sentiment remained resilient despite growing concerns over the U.S.-China relationship.
In Tokyo, the Nikkei 225 regained 353.49, or 1.7%, to 20,741.65.
The Japanese yen changed hands at 107.71 per U.S. dollar, strengthening from levels near 108 in the previous week.
Prime Minister Shinzo Abe will lift the state of emergency for the coronavirus pandemic in Tokyo and four other prefectures on Monday, Kyodo News reported. It added that Abe is expected to hold a press conference to explain his government’s plan, which would ease restrictions on economic activity.
More than 5.4 million people worldwide have now been infected by the virus, which was first reported in China’s Hubei province, and more than 345,000 people have died, according to data from Johns Hopkins University.
The Hang Seng index in Hong Kong came out of its funk, with a slight gain of 22.1 points, or 0.1%, to 22,952.24.
Government departments in Hong Kong rallied behind Beijing’s plans on Monday after thousands took to the streets to protest over the weekend. Security Chief John Lee said "terrorism" was growing in the city and activities that harm national security became more rampant, the news wire said.
Meanwhile, the Australian dollar traded down 0.2% at $0.6522.
CHINA
In Shanghai, the CSI 300 nicked up 5.25 points, or 0.1%, to 3,829.32.
Last Friday, the index lost more than 5% after China announced a new national security law, which, if implemented, would give Beijing more control over Hong Kong and may incite further pro-democracy protests in the city. The draft measure was announced as China’s National People’s Congress (NPC) — the country’s parliament — kicked off its annual session and will last until May 28.
Still, China’s announcement drew criticism from U.S. officials. White House national security advisor Robert O’Brien said on Sunday that if Beijing goes ahead with implementing the controversial law, the U.S. government will likely impose sanctions on China.
Chinese Foreign Minister Wang Yi told reporters on Sunday that some political forces in the United States were taking the bilateral relation "hostage" and pushing the two economic powerhouses to the brink of "a ‘new Cold War’," according to an official English translation of his remarks posted by the foreign ministry.
In other markets
Markets in Singapore were shuttered for holiday
In Korea, the Kospi recovered 24.47 points, or 1.2%, to 1,994.60
In Taiwan, the Taiex index restocked 60.03 points, or 0.6%, to 10,871.18
In New Zealand, the NZX 50 picked up 113.17 points, or 1.1%, to 10,775.81.
In Australia, the ASX 200 soared 118.56 points, or 2.2%, to 5,615.59.
