Asia’s Markets Remain Flat with Several Markets Closed for the Lunar New Year

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By Jacob Maslow

Asian markets remain relatively flat on Monday, with China’s markets closed for the day due to the Lunar New Year. Several regional markets were also closed to celebrate the holiday. Japan’s Nikkei 225 rallied 1.1% on the day, and the S&P/ASX 200 closed the day down 0.02%. Japan also released data showing that the country had a surplus of ¥961 billion, which outperformed expectations of a ¥987 billion surplus. Financial stocks rallied on the report, up 2.3% overall.

Wage data out of Japan also indicated that wages grew 0.1% year-on-year in December. Consumer spending in Japan struggled as a result due to rising prices and stagnant wages in the country.

Toyo Seikan Group Holdings, Ltd. (T:5901) rallied on Monday, up 8.63% at close. Kyowa Hakko Kirin Co., Ltd. (T:4151) also had a very strong day, rallying 6.26% at close. Rising stocks on the Tokyo Stock exchange beat out the declining ones by 1431 to 394. Just 65 stocks remained unchanged on the day.

DOWA Holdings Co., Ltd. (T:5714) experienced the largest decline of the day, dropping 18.54%. Ashai Glass Co., Ltd. (T:5201) also suffered major losses to hit a 52-week low after losing 12.73% on the day. Crude oil rose 0.83% for March delivery, and 0.85% for April delivery.

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