SINGAPORE — Shares in Asia-Pacific struggled for direction on Monday, as investors continue to monitor the US Treasury yield curve.
The Nikkei 225 in Japan slipped fractionally as shares of Tokyo Electron dropped around 2%. The Topix index climbed about 0.1%.
South Korea’s Kospi dipped 0.49%. Elsewhere in Australia, the S&P/ASX 200 rose 0.43%.
MSCI’s broadest index of Asia-Pacific shares outside Japan traded 0.08% lower.
Markets in mainland China are closed on Monday and Tuesday this week for holidays.
A closely watched part of US Treasury yields inverted on Friday as short-term rates jumped following the release of jobs data stateside, raising concerns over a potential recession on the horizon.
The benchmark 10-year Treasury yield last sat at 2.3895%, while the rate on the 2-year Treasury note was at 2.4625%. Yields move inversely to prices, with 1 basis point equal to 0.01%.
The US dollar index, which tracks the greenback against a basket of its peers, was at 98.627, as compared to levels below 98 seen in late March.
The Japanese yen traded at 122.52 per dollar, stronger than levels above 124 seen against the greenback last week. The Australian dollar was at $0.7485, having traded in a range between $0.747 and $0.753 for much of last week.
Oil prices were lower in the morning of Asia trading hours, with international benchmark Brent crude futures down 0.88% to $103.47 per barrel. US crude futures slipped 0.93% to $98.35 per barrel.
— CNBC’s Patti Domm contributed to this report.