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The Nikkei 225 (N225) slumped 0.5% Monday on its last trading day of the year, but the index is still up 19% in 2019. That makes it the second best performer among major indexes in Asia — it falls behind China's Shanghai Composite (SHCOMP), which has jumped 21%.
Hong Kong's Hang Seng Index (HSI) is up 9.9% this year, while South Korea's Kospi (KOSPI) has risen nearly 8%.
The Nikkei reached its highest level of the year earlier this month after Japan announced a massive economic stimulus package to help its economy. Easing US-China trade tensions also helped lift sentiment.
Major indexes were mixed in Monday trading. The Hang Seng rose 0.6% and the Shanghai Composite was up 0.4%. The Kospi moved down 0.1%.
The Kospi will also be closed Tuesday, while the Hang Seng and Shanghai Composite will remain open. All four indexes will close Wednesday for the New Year holiday.
Below are some key talking points in Asia around 11:30 a.m. Hong Kong time:
- China is pushing for its new Loan Prime Rate even harder in the new year. The People's Bank of China on Saturday ordered all banks to stop using its existing fixed benchmark lending rate starting January 1 and adopt the LPR to price their new loans. The central bank wants the LPR to be a benchmark because it is supposed to better reflect changes in market rates. Nearly 90% of new loans have been priced using the LPR since it was introduced in August, according to the central bank.
- China's pork crisis has shown signs of easing, according to the government. The total number of pigs — not just the breeding pig population — increased in November compared to the month before, according to China's vice agricultural minister. Pork prices also fell last week and are down more than 18% from a peak on November 1, Yu Kangzhen said during his Monday announcement. But the country will still increase its overseas pork imports, a commerce ministry official said at the same briefing.
- Jiumaojiu, a Chinese restaurant chain, is kicking off an initial public offering in Hong Kong. The company is expected to begin trading in January.