Nikkei rises as dollar hits 11-month high against yen

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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