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Asia Mixed Ahead of Bank Decisions

Asia-Pacific markets were mixed on Monday after a stronger-than-expected U.S. jobs report on Friday revealed hiring and wage growth picked up in May.

In Japan, the Nikkei 225 index recovered 354.23 points, or 0.9%, to 39,038.16.

This adds to the narrative the Fed doesn’t have to rush to lower interest rates. Traders don’t expect the Federal Open Market Committee to cut rates at its meeting this week or the next meeting in July.

This week in Asia, investors will assess Japan’s revised first-quarter gross domestic product numbers on Monday, which came in at an annualized contraction of 1.8%. This was softer than the 2% contraction initially reported and also lower than the 1.9% revised contraction expected in a Reuters poll of economists.

Separately, the Bank of Japan’s rate decision will come on Friday, while China and India’s inflation numbers for May will be released on Wednesday.

Markets in Hong Kong, Shanghai, Taiwan and Australia were closed for holiday.

In other markets

In Singapore, the Straits Times Index inched down 8.69 points, or 0.3%, to 3,322.08.

In New Zealand, the NZX 50 retreated 68.99 points, or 0.6%, to 11,787.57.