Asian stocks trade mixed, Nikkei drops as yen strengthens

By FXStreet The sentiment on the Asian indices appears mixed on Monday, posing a cautious start to the week, as markets assess the Chinese GDP growth target as well as the US jobs data.

Nikkei bucks the trend

The Japanese benchmark index, the Nikkei 225, extends losses and drops further below 17k mark, down -0.70%. The Japanese index emerges the worst performer in today’s trade so far as the persistent cautious tone in the market underpins the yen and hence, weighs on the retail and exports-oriented stocks. While the energy stocks found support from higher oil prices and help limit the downside. USD/JPY drops -0.10% to trade around hourly 100-SMA at 113.65.

Heavy gains seen in the energy and metal-mining stocks lifted the Australian equities, driving the ASX 200 index +1% to 5,140. While the Chinese markets remained firmer as investors’ weighed weekend’s news from China – the National People’s Congress announcing Chinese GDP target range between 6.5-7.0% for 2016, marking the slowest expansion in a quarter century. The Shanghai Composite trades 0.46%, Shenzhen’s CSI300 advances 0.59%. Hong Kong’s Hang Seng trades modestly flat.
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Source:: FX Street