Asian markets were mixed Monday, not getting much of a boost from the better-than-expected U.S. jobs data last week, while Japanese shares lost ground on the back of a stronger yen.
The Nikkei 225 in dropped 40.89 points, or 0.3%, to 16,123.27
In Japan, data from Bank of Japan (BOJ) showed that its decision to adopt negative interest rates in late January has not convinced Japanese companies that inflation in the country will take off.
Additional data released on Monday as part of the BOJ's Tankan survey for March showed that companies expected prices to increase on average 0.8% a year from now, lower than their previous expectations of a 1% increase earlier this year.
Firms expect prices to go up 1.1% over three years, lower than their previous expectations of a 1.3% rise. The Tankan survey was originally released on Friday.
The yen, which has strengthened since the BOJ's decision to introduce negative rates in late January, was at the 111 handle against the dollar on Monday; the U.S. dollar/yen pair traded at 111.42.
Major Japanese exporters were lower, with shares of Toyota closing down 2.5%, Nissan off 2.8% and Honda lower by 1.1%. A stronger yen is a negative for exporters as it affects their overseas profits when converted into local currency.
Australia’s so-called Big Four banks - ANZ,Commonwealth Bank of Australia, Westpac and NAB - finished mixed, between down 0.1% and up 0.6%
Energy plays in Asia were mostly lower on Monday, with shares of Santos finishing down 4.3% and Woodside Petroleum down 2.7% while Inpex erased gains to finish 0.5% lower. Japan's Fuji Oil added 2%.
Markets in Hong Kong, mainland China and Taiwan were shuttered for holiday
In other markets;
In Korea, the Kospi index regained 5.4 points, or 0.3%, to 1,978.97
In Singapore, the Straits Times Index added 16.86 points, or 0.6%, to 2,835.35
New Zealand’s NZX 50 recovered 35.59 points, or 0.5%, to 6,743.60
In Australia, the ASX 200 fell 4.06 points, or 0.1%, to 4,995.32
