Tokyo stocks edge lower as yen rises after Fed meeting

Tokyo stocks edge lower as yen rises after Fed meeting

Asian markets mostly rose Monday following last week's forecast-busting United States jobs report but the dollar weakened against most other currencies, with this week's expected Federal Reserve interest rate hike already accounted for. Economists had forecast a 0.1 percent rise. Germany's DAX lost 0.1 percent to 11,973.58.

The Nikkei shed 0.4 percent to 19,521.59. India's Sensex gained 1.6 percent to 29,401.19.

The broader Topix dropped 0.4 percent to 1,565.85 and the JPX-Nikkei Index 400 declined 0.5 percent to 14,019.31.

Fast Retailing, the operator of Uniqlo clothing chain, tumbled 1.9 percent and contributed a hefty negative 27 points to the benchmark index.

Amgen's Repatha Results Not Good Enough For The Street
At one year, there was a 16% relative risk reduction for the combination of cardiovascular death, heart attack and stroke. Amgen announced in February that the drug was a success, but details of the research were not released until Friday.

Asian markets were mixed Friday as investors awaited a meeting of finance and economic ministers of the Group of 20 industrial countries.

China's central bank raised short-term interest rates following the US rate increase. Most investors expect the Fed to raise rates for only the third time since they went to almost zero during the financial crisis in 2008.

ANALYST'S VIEWPOINT: "On the one hand, the market ponders a surprise hold, in which massive unwinding of positions could take place with the hike already priced in", said Jingyi Pan, a market strategist at IG in Singapore.

The dollar briefly plunged below ¥113 in Tokyo trading, dampened by less-hawkish-than-expected interest rate projections by the Federal Reserve. Japan's central bank has so far opted to retain its ultra-lax monetary stimulus, but that could change. The British government, meanwhile, has been cleared by parliament to formally begin the process of exiting the EU.

White House requests $1.5 billion from Congress to begin border wall construction
After the report came out, Trump vowed to bring the price "way down", though he did not offer specifics. There are also already indicators that funding a total wall could be a tough sell in Congress.

"The progressive improvement in both labour market conditions and lift in inflation rates in the U.S. certainly validates the Fed's move this week", said Jingyi Pan, market analyst at IG in Singapore. The Netherlands has its own election this week, where politicians have also railed against the European Union and immigrants.

CURRENCIES: The dollar fell to 114.81 yen from 114.88 yen while the euro held steady at $1.065.

OIL: Benchmark U.S. crude oil added 7 cents to $48.47 per barrel in electronic trading on the New York Mercantile Exchange. Markets are closed on Monday for a national holiday. Brent crude, which is used to price global oils, dropped 69 cents to $50.66 a barrel.

Trump Admin Threatens To Withdraw From UN Human Rights Council
The travel offer came from the State Department, and "after editorial consultation, McPike accepted the seat", he said. Tillerson's aircraft for the trip to Asia, where the secretary of state began his diplomatic visit in Japan Wednesday.

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