Most Asian markets lost ground on Monday, with many traders likely taking to the sidelines ahead of several central bank decisions this week.
The Nikkei 225 faded 133.19 points, or 0.8%, 17,439.30.
The Hang Seng Index in Hong Kong dropped 162.6 points, or 0.8%, to 21,304.44
Major exporters in Japan closed mixed, with shares of Toyota up 1.2%, Honda up 0.9% and Sony down 6%. Usually a weaker yen is a positive for exporters as it increases their overseas profits when converted to local currency.
But Sony shares tumbled after reports said the Japanese electronics maker said on Friday it would delay announcing earnings forecasts for the 2016 fiscal year to assess damages from the earthquakes that hit southern Japan more than a week ago. Reuters said the company was scheduled to release the forecasts on April 28, but will now delay it until May.
Shares of Mitsubishi Motors closed down 4.8% on Monday, after tumbling more than 41% last week amid news that it had falsified fuel economy test data to make emissions levels look more favorable. Year-to-date, Mitsubishi shares are down by more than 50%.
Reuters reported the troubled Japanese car maker is unlikely to issue an earnings forecast for the current financial year when it announces results this week
Asian energy plays were mostly lower, with shares of Inpex closing down 1.8% and Japan Petroleum down 0.6%, while Chinese mainland shares of Sinopec fell 1%.
The U.S. Federal Reserve, the Bank of Japan (BOJ) and the Reserve Bank of New Zealand (RBNZ) are all set to meet this week. Experts say most of the gazes will be fixed on the Fed and the RBNZ.
In the currency market, the yen weakened sharply against the U.S. dollar, trading at the 111 handle, compared with the 107 handle briefly touched early last week. In the previous session, the yen finished at 111.78 to the dollar and on Monday, the pair traded down 0.6% at 111.11.
In other markets;
The Shanghai CSI 300 index fell 12.87 points, or 0.4%, to 3,162.03
In Taiwan, the Taiex Index tailed off 24.53 points, or 0.3%, to 8,560.28
In Korea, the Kospi index moved lower 0.94 points, or 0.1%, to 2,014.55
In Singapore, the Straits Times Index plummeted 40.15 points, or 1.4%, to 2,900.28
Markets in Australia and New Zealand were shuttered for holidays.
