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Hong Kong - Asian markets mostly rose on Monday, while the dollar hit multi-month highs against the yen and euro after the US Federal Reserve chief seemed to indicate a shift towards an interest rate rise sooner than expected.
While Janet Yellen's speech on Friday said slackness in the jobs market would likely staunch inflation, investors noted her acknowledgement of calls for an early rate rise. Analysts said this may suggest she is thinking of such a move.
Tokyo climbed 74.06 points to 15 613.25 and Seoul put on 4.19 points to end at 2 060.89. Hong Kong gained 54.68 points to close at 25 166.91.
However, Sydney shed 10.7 points to 5 634.9 and Shanghai dipped 11.54 points to 2 229.27.
Speaking at the Fed's annual symposium in Jackson Hole, Wyoming, Yellen said even if unemployment has fallen more quickly than expected to 6.2%, there remains "considerable uncertainty about the level of employment".
That signalled her commitment to the Fed's timetable for raising rates late next year, rather than earlier as some analysts and policymakers would like.
However, Junichi Ishikawa, market analyst at IG Securities in Tokyo, told Dow Jones Newswires: "Her comments at Jackson Hole were balanced, and took into consideration the positions of the more hawkish members of the Fed."
And Kathleen Brooks at Forex.com said dealers took account of the uncertainty surrounding labour market indicators which Yellen mentioned in her speech. "The market seems to perceive this indecision to be a subtle shift away from the ultra-dovish stance Yellen has taken in the past," she said.
Yellen's comments pushed the dollar above ¥104 for the first time since April and to the strongest level since January.
In afternoon Tokyo trade the greenback bought ¥104.10 compared with ¥103.87 in New York Friday.
The Dow eased 0.22% on Friday and the S&P 500 shed 0.20%. The Nasdaq added 0.14%.
The euro was at $1.3190 - just shy of an 11-month low against the dollar - and ¥137.27, against $1.3241 and ¥137.60.
On oil markets, US benchmark West Texas Intermediate for October eased 11 cents to $93.54 while Brent crude for October tumbled 14c to $102.15.
Gold traded at $1 276.97 an ounce at 10:10 compared to $1 281.40 an ounce late on Friday.
In other markets:
- Taipei edged up 10.52 points to 9 390.62.
Taiwan Semiconductor Manufacturing was 0.4% lower at Tw$125.0, while Hon Hai Precision was up 0.45% at Tw$110.5.
- Wellington rose 0.30% to 5 182.74.
Air New Zealand was up 1.41% at NZ$2.16 and Trade Me rose 1.09% to NZ$3.72.
- Manila was closed for a public holiday.
