Asia Markets: Nikkei pulls back from 3-month high as Asian markets dip

Asian markets largely fell in early trading Tuesday, despite gains on Wall Street and signs of easing trade tensions between the U.S. and China.

Japan’s Nikkei NIK, -0.07%   was down slightly, after hitting a 3½-month high in Monday trading. Miners, banks and insurance companies led the losses in Tokyo, with Mitsubishi UFJ Financial Group Inc. 8306, -0.61%   and MS&AD Insurance Group Holdings Inc. 8725, -2.69%   in the red.

Sony Corp. 6758, -0.76%   shares dropped after the company announced it would buy Mubadala Investment Co.’s stake in EMI Music Publishing for about $2.3 billion.

The yen gained slightly against the dollar JPYUSD, +0.123517%  , last at ¥110.90, versus ¥111.05 in late New York trade.

Bank of Japan Gov. Haruhiko Kuroda told parliament Tuesday that the central bank would take the side effects of stimulus into consideration as it weighed its monetary policy. “We will patiently pursue powerful monetary easing to achieve 2% inflation,” Kuroda said, according to Reuters. “We will guide monetary policy taking into account its side effects such as its impact on financial institutions, particularly regional banks.”

Elsewhere, Singapore’s Straits Times Index STI, +0.06%   made slight gains, while markets in Shanghai SHCOMP, -0.40%   and Shenzhen 399106, -0.10%   dipped. Australia’s S&P/ASX 200 XJO, -0.83%   dropped for the fourth straight day, with hospital operator Healthscope Ltd. HSO, -3.25%  down more than 4% as it attempted to fend off a pair of buyout bids.

Stock markets in South Korea and Hong Kong were closed for holidays.

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