Shares fall in Japan, while most Asian markets are shut for Lunar New Year

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TOKYO (AP) — Japan’s benchmark Nikkei 225 index fell Tuesday following a U.S. national holiday, while most markets in Asia were closed for Lunar New Year holidays.

U.S. futures declined and oil prices were mixed. Prices for gold and silver also fell.

Weak economic data released Monday appeared to be clouding sentiment in Tokyo, and a 5.4% decline for tech giant SoftBank Group also pulled shares lower. The decline follows a big rally after a resounding win for Prime Minister Sanae Takaichi’s ruling party in a Feb. 8 general election.

The Nikkei 225 was down 0.8% in afternoon trading at 56,363.39.

Traders likely were locking in profits from the recent gains that took the Nikkei to record levels. Polls show Takaichi's popularity is slowly slipping, as hopes for economic revival from her plans to increase government spending and cut taxes subside.

In Australia, the S&P/ASX 200 gained 0.2% to 8,958.90, while India's Sensex edged 0.4% higher. In Thailand, the SET was up 0.5%.

European shares ended mixed on Monday and trading in the U.S. was closed for Presidents Day. U.S. markets are set to reopen Tuesday.

On Friday, the S&P 500 edged up less than 0.1% a day after one of its worst losses since Thanksgiving. The Dow Jones Industrial Average rose 0.1%, and the Nasdaq composite slipped 0.2%.

Share prices have been waxing and waning with fluctuations in confidence over massive investments in AI. Investors are also focused on inflation and how price pressures might affect interest rates. Also in the spotlight for later in the day are jobs data from Britain.

In other dealings early Tuesday, benchmark U.S. crude rose 48 cents to $63.37 a barrel. Brent crude, the international standard, lost 42 cents to $68.23 a barrel.

The U.S. dollar slipped to 152.88 Japanese yen from 153.51 yen. The euro cost $1.1844, down from $1.1852.

The price of gold fell 2.9% and silver was down 8.2%.

Bitcoin fell 0.9% to about $68,300.

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Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama