Nikkei rises as dollar hits 11-month high against yen


Asian stock markets were mixed in early trading Monday. With markets in China starting a weeklong holiday and Hong Kong closed, Asian equities traded on local factors, not broader themes.

Japan’s Nikkei

NIK, +0.59%

  was up 0.6% as the dollar continues to push higher against the yen

USDJPY, +0.20%

 , hitting levels not seen since last November. Drug, consumer and some electronic stocks led the gains, with drug maker Shionogi

4507, +1.82%

  and chip maker Tokyo Electron

8035, +3.27%

  up around 2%. Auto-maker stocks were weaker, as Subaru

7270, -2.47%

  slumped almost 3%.

Korea’s Kospi

SEU, -0.06%

  quickly gave up initial gains, with Samsung

005930, -0.11%

  falling a further 1%.

Following a modestly lower open, Australia’s stock benchmark took a decided turn lower as financials continued to give up the brief Friday afternoon surge seen following the release of the initial report on a misconduct probe of the banking sector. Westpac

WBC, -1.83%

 , which before the report estimated A$235 million ($170 million) of earnings-related impacts from anticipated customer refunds, was down 1.5% to log the biggest drop among Australia’s big four. The ASX 200

XJO, -0.64%

  fell as much as 0.7% but was currently off 0.5%

Most other Asian markets, such as Taiwan

Y9999, +0.27%

 , Singapore

STI, +0.18%

  and Malaysia

FBMKLCI, -0.03%

 , were little changed.

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Source : MTV