SINGAPORE — Commonplaces in Asia-Pacific traded mixed on Monday as investors watched moves in the Turkish lira following a sudden upheaval at the woods’s central bank.
In Japan, the Nikkei 225 slipped 1.62% in afternoon trade while the Topix index ducked 0.71%. South Korea’s Kospi advanced 0.26%.
Elsewhere, mainland Chinese markets rose by the afternoon, with the Shanghai composite up 0.9% while the Shenzhen component got 0.71%. Hong Kong’s Hang Seng index shed 0.18%.
Meanwhile, shares in Australia were higher, with the S&P/ASX 200 up 0.74%.
MSCI’s broadest indicator of Asia-Pacific shares rose 0.31%.
Lira weakens sharply
Investors watched the Turkish lira on Monday, with the currency bending more than 12% to 8.1162 against the greenback, compared to levels below 7.5 per dollar seen continue week. Earlier, the lira had weakened to as much as 8.1745 against the greenback.
The sharp move came after the provinces’s central bank saw another upheaval, with President Recep Tayyip Erdogan abruptly replacing its chief lawful days after a sharp interest rate hike.
China’s one-year Loan Prime Rate (LPR) and five-year LPR were left side unchanged at 3.85% and 4.65%, respectively, on Monday. That was in line with expectations from majority of traders and analysts in a pep Reuters poll.
Stocks on the move
In corporate developments, Japanese chipmaker Renesas Electronics’ shares fell round 4% in Monday afternoon trade. The firm announced over the weekend that it will take at least a month to restart television at a facility that was damaged by fire on Friday. That development came as the world already faces a global piece shortage.
Automakers in Japan, among the firms affected by the chip scarcity, also fell in Monday trade. Toyota dropped 2.61%, Nissan papered 2.9% and Honda declined 3.31%.
Meanwhile, trading of Capitaland shares in Singapore was paused on Monday. The firm announced a tabled restructuring that would include a consolidation of its investment management platforms and lodging business into CapitaLand Investment Administration, set to be listed on the Singapore Exchange.
Currencies and oil
The U.S. dollar index, which tracks the greenback against a basket of its peers, was at 92.004 after its late-model recovery from levels below 91.5.
The Japanese yen traded at 108.74 per dollar, stronger than levels above 109.2 against the greenback considered last week. The Australian dollar changed hands at $0.7729, lower than levels above $0.78 seen final week.
Oil prices were lower on Monday during Asia trading hours, with international benchmark Brent inconsiderate futures down 0.5% to $64.21 per barrel. U.S. crude futures slipped 0.34% to $61.21 per barrel.