Tokyo, Shares were mostly lower in Asia today as investors watched for fresh signs of inflation and crude oil prices hovered above $122 a barrel, adding to price pressures.

Benchmarks declined across the region, except in Tokyo, where a weakening yen sent issues of some Japanese exporters higher. Nintendo Co. issues surged 1.9% in afternoon trading, while Honda Motor Co. stocks gained more than 0.9%.

The Japanese yen has recently slid to fresh 20-year lows against the US dollar, a trend the International Monetary Fund (IMF) and other analysts expect to continue for a while because of higher interest rates in the US and Europe, compared to Japan, where long-term interest rates remain at near-zero.

The dollar was trading at 133.80 Japanese yen after hitting 134 yen levels earlier in the day, down from 134.20 yen yesterday. The euro cost $1.0721, inching up from $1.0718.

Japan’s benchmark Nikkei 225 gained 0.2% in afternoon trading to 28,290.06. Australia’s S&P/ASX 200 slipped 1.2% to 7,037.10. South Korea’s Kospi fell 0.4% to 2,616.46. Hong Kong’s Hang Seng shed 1.0% to 21,788.94 while the Shanghai Composite lost 1.1% to 3,228.08.

In energy trading, benchmark US crude was up 29 cents to $122.40 a barrel. It gained $2.70 yesterday. Brent crude, the international standard for pricing oil, gained 35 cents to $123.93 a barrel.

The S&P 500 index fell 1.1% to 4,115.77. The Dow Jones Industrial Average shed 0.8% to 32,910.90 and the Nasdaq slipped 0.7% to 12,086.27.

Smaller company stocks fell more than the rest of the market. The Russell 2000 declined 1.5% to 1,891.01.

Source: Oman News Agency