Asian equities exhibited a mixed performance on Monday's holiday‑thinned session, with Chinese stocks edging higher after the People's Bank of China held loan prime rates steady, while Japanese shares fell in response to stronger‑than‑expected inflation data.

Holiday Closures and Low Volumes

• Closed Markets: Australia, New Zealand, and Hong Kong were closed for the Easter holiday, dampening trading volumes.

• U.S. Futures: Following last week's declines, S&P 500 and Nasdaq futures opened lower in Asia, reflecting lingering risk aversion.

China: LPR Unchanged, Focus on Fiscal Support

• PBoC Decision:

  • One‑year LPR held at 3.10%

  • Five‑year LPR unchanged at 3.60%

• Policy Tilt: Beijing signals a preference for fiscal measures—social welfare enhancements and consumer subsidies—over further rate cuts.

• Equity Moves:

  • Shanghai Composite: +0.3%

  • CSI 300: +0.2%

Japan: Inflation Surprise Weighs on Stocks

• Core CPI:

  • March: +3.2% YoY (ex‑fresh food) vs. +3.0% in February

  • Trimmed CPI (ex‑fresh food & energy): +2.9% vs. +2.6%

• BoJ Outlook: Underlying inflation remains well above the 2% target, but rate‑hike forecasts have been pushed from May to July amid U.S. tariff uncertainty.

• Market Reaction:

  • Nikkei 225: -1.2%

  • TOPIX: -1.1%

Regional Wrap‑Up

• South Korea (KOSPI): Flat

• Singapore (STI): +1.0%

• Thailand (SET): -0.4%

• India (Nifty 50 Futures): +0.4%

The Tariff Overhang

Investors remain on edge as U.S.‑China tensions simmer and U.S. President Trump hints at expanding tariff negotiations beyond Japan. While “big progress” was reported in U.S.-Japan talks—and China signals openness to dialogue—many traders are holding back, awaiting concrete outcomes.

Track Active Market Movers

To see which stocks are most heavily traded amid these volatile conditions, refer to the
🔗 Market Most Active Market Overview API from Financial Modeling Prep.
This API provides real‑time data on the top‑active stocks by volume and value across major Asian exchanges.

With holiday closures keeping volumes subdued, attention now shifts to the Bank of Korea's rate decision, upcoming Japanese trade figures, and Australia's jobs data—all of which will further shape the region's market trajectory in the days ahead.