Asian shares are mixed as chipmaker shares rally in Tokyo and Seoul

TOKYO (AP) — Asian shares were trading mixed on Monday, with benchmarks in Tokyo and Seoul leading gains thanks to buying of computer chipmakers’ stocks.Japan’s benchmark Nikkei 225 added 1.7% to 66,104.93, while South Korea’s Kospi jumped 3.3% to 6,907.53.Shares in Samsung Electronics jumped 4.5% and memory chipmaker SK Hynix surged 6.2%.“The AI complex continues to provide the local equity markets with its most dependable growth pulse,” said Stephen Innes, a former trader, about the Asian markets.“The AI complex is firmly in the leadership seat and reminding investors that, for all the hand-wringing around valuation, the hardware trade is still refusing to roll over.”Hong Kong’s Hang Seng lost 1.1% to 25,377.12, while the Shanghai Composite shed 0.2% to 3,920.70.Australia’s S&P/ASX 200 was virtually unchanged at 9,005.30.In energy markets, Brent crude, the international standard, added 67 cents to $96.95 a barrel following further escalation of the six-month -long U.S. war with Iran.The U.S. military denied that Iran struck an uncrewed American military vessel in the Strait of Hormuz, which remains effectively closed, calling the claim a “total lie.”A senior Iranian official said Tehran plans to announce an “exclusion zone” outside the strait, targeting vessels it believes are attempting to transit the waterway. That followed U.S. strikes on three Iranian oil tankers in response to Tehran launching ballistic missiles at U.S. warships.Benchmark U.S. crude rose 61 cents to $92.09 a barrel.U.S. markets will be closed Monday for the Labor Day holiday. They ended last week lower after the government reported that employers unexpectedly added 162,000 jobs last month. That could increase the likelihood the U.S. central bank will raise interest rates later this month.Friday on Wall Street, the S&P 500 fell 0.4%. The Dow Jones Industrial Average fell 0.5%, and the Nasdaq composite gave back 0.3%.Market players expect the Federal Reserve to raise interest rates before the year ends to help cool inflation, which remains well above 3%. The Fed’s next policy-making committee’s meeting ends Sept. 16.The Fed has a stated goal of cooling inflation to a target of 2%. August inflation figures are expected on Sept. 11.U.S. government bond yields, which had eased last week, rose Friday as the bond market weighed the implications of the jobs report. The yield on the 10-year Treasury, which influences mortgage rates, rose to 4.78% from 4.77%.In currency trading early Monday, the U.S. dollar was little changed at about 156.22 Japanese yen. The euro cost $1.1609, down from $1.1621.The weakening yen has been a major area of concern for Japanese leaders. Its value has rebounded after the dollar surged to the 160 yen level last week. Market watchers are focused on what the Bank of Japan might do on interest rates at its next policy board meeting later this month.“The stronger-than-expected U.S. employment report generated only a limited recovery in the dollar, suggesting that the market is currently responding more strongly to the changing BOJ policy outlook,” said Linh Tran, a market analyst at XS.com.___Yuri Kageyama is on Threads: https://www.threads.com/@yurikageyama