Asian Markets Slip Amid Holiday Lull; Eyes On Inflation, U.S. Data

Asian shares traded mostly lower as markets awaited key U.S. data and absorbed inflation signals from Japan.

The Shanghai Composite was flat at 3,346.48.

U.S. markets were closed Monday in observance of Memorial Day.

Tokyo’s Nikkei 225 slipped 0.2% to 37,451.60 after Bank of Japan Governor Kazuo Ueda signaled the central bank may raise interest rates in the coming months to address surging food costs, including a doubling of rice prices. Japan’s inflation rate has now surpassed that of the U.S. and Europe.

Hong Kong’s Hang Seng rose 0.3% to 23,359.94, while the Shanghai Composite was flat at 3,346.48. South Korea’s Kospi lost 0.4% to 2,632.93. Australia’s S&P/ASX 200 was unchanged at 8,359.20, and Taiwan’s Taiex dropped 0.6%.

In commodities, U.S. benchmark crude fell 23 cents to $61.30 per barrel. Brent crude declined 20 cents to $63.92. The U.S. dollar weakened to 142.23 yen from 142.85, while the euro edged up to $1.1403 from $1.1388.