Stock markets in Asia were in positive territory as they closed on Monday, although a number of major bourses were closed for holidays.
In Japan, the Nikkei 225 was up 0.74% at 29,161.80, as the yen strengthened 0.03% against the dollar to last trade at JPY 109.63.
Of the major components on the benchmark index, automation specialist Fanuc was up 3.15%, fashion firm Fast Retailing added 2.22%, and technology conglomerate SoftBank Group was 0.7% stronger.
The broader Topix index advanced 0.29% by the end of trading in Tokyo, to close at 1,959.75.
Fresh data out of Japan earlier showed output in the country expanded by 2.9% in April, on a seasonally-adjusted basis.
The Ministry of Economy, Trade and Industry said output was set to dip in May, before expanding again in June, explaining that production was “picking up”.
South Korea’s Kospi eked out gains of 0.09% to settle at 3,252.13.
“With the US Federal Reserve meeting later this week attention will inevitably be focussed on the FOMC’s response to the big rise in price pressures we’re currently seeing in the headline and core inflation numbers, against a backdrop of a labour market recovery, which still seems to be lagging a little bit behind expectations,” said CMC Markets chief market analyst Michael Hewson of the week ahead.
“For the most part bond market reaction has been surprising with respect to recent data with US 10-year yields falling to a three-month low at a time when core CPI hit its highest levels in 28 years.”
Traders in mainland China and Hong Kong enjoyed a long weekend for the Dragon Boat Festival holiday on Monday, while those in Australia were off for the Queen’s Birthday.
Oil prices were higher at the end of the Asian day, with Brent crude last up 0.94% at $73.37 per barrel, and West Texas Intermediate adding 0.8% to $71.48.
In New Zealand, the S&P/NZX 50 was 0.09% firmer at 12,562.17, led higher by rural-focussed bank Heartland Group, which leapt 6.1% after it raised its earnings guidance last week.
Both of the down under dollars were stronger on the greenback, with the Aussie last ahead 0.15% at AUD 1.2957, and the Kiwi advancing 0.19% to NZD 1.3987.
