Asian markets slumped as Japan approaches 33-year highs.
Asia-Pacific markets fell heavily on Monday, with Japanese markets still hovering near 33-year highs.
The Nikkei 225 has posted weekly gains for the past 10 weeks, but fell 0.3 percent, along with Topix, which traded close to the straight line on Monday.
In South Korea, Kospi fell 0.77 percent and Kosdaq fell 0.21 percent.
Hong Kong’s Hang Seng index opened 0.48 percent, along with mainland Chinese equities. The Shanghai Composite Index fell marginally, and the Shenzhen Composite Index fell 0.18 percent.
Australia is 0.31 percent higher, with the S&P/ASX 200 meeting broader sales in the region, and is powered by utilities and consumer services stocks.
Asian investors will be looking forward to China’s loan rate decision on Tuesday, after the world’s second-largest economy cut some key lending rates last week.
On the diplomatic front, US Secretary of State Antony Blinken is in Beijing on a diplomatic mission to restore strained relations between the US and China.
US markets will be closed on Monday for the ‘Junetheenth’ holiday. On Friday, all three major indices closed the day lower after the strong performance at the beginning of the week. After last week’s FOMC meeting, the Fed specifically kept interest rates steady, breaking a series of 10 increases in a row.
The S&P 500 fell 0.37 percent and the Nasdaq Composite lost 0.68 percent, but both indices posted their best week since March. The Dow Jones Industrial Average fell 0.32% but recorded its third positive week in a row.