TOKYO (AP) — Asian shares gave a mixed performance on Monday as investors sought bargains amidst concerns surrounding U.S. tariffs introduced by President Donald Trump. Japan’s benchmark Nikkei 225 saw a slight decline of 0.1%, settling at 38,746.96. The Japanese government announced a remarkable current account surplus of 29 trillion yen ($191 billion) for the previous year, showcasing robust overseas returns fueled by a weak yen coupled with recovering Japanese exports.

This current account data, recognized widely as an indicator of trade strength, marks a remarkable nearly 30% increase from the preceding year, reaching its zenith since records began in 1985.

In currency markets, the U.S. dollar appreciated to 152.11 Japanese yen from a previous rate of 151.39 yen. Meanwhile, the euro dipped to $1.0304 from $1.0328.

Hong Kong’s Hang Seng index experienced a 1.5% increase, reaching 21,442.19, and the Shanghai Composite index saw a 0.3% rise to 3,314.04, despite the implications of Trump’s tariffs on Chinese imports. Particularly, technology shares surged as optimism grew regarding potential Chinese stimulus measures. In retaliation, China implemented tariffs on certain U.S. imports and initiated an antitrust investigation against Google.

Trump announced his intention to enforce 25% tariffs on all steel and aluminum imports to the U.S. from various countries, igniting further market apprehension. Stephen Innes, managing partner at SPI Asset Management, indicated that markets face potential turbulence due to these tariff policies, with Asian economies bracing for adverse effects stemming from tariffs, including those impacting imports from Mexico and Canada.

To provide some temporary relief, Trump has also issued a 30-day delay on tariffs targeting Mexico and Canada. Innes observed that Asian markets appear to be on the brink of significant volatility, although some impacts may already be anticipated in market valuations.

South Korea's Kospi index recorded a marginal gain of 0.1%, ending at 2,524.85. Conversely, Australia’s S&P/ASX 200 index declined by 0.4%, closing at 8,479.30. On Wall Street, the previous week concluded with the S&P 500 dropping 0.9%, yet it remains near its all-time high set two weeks prior.

Notably, the Dow Jones Industrial Average plunged by 444 points, or 1%, with a significant downturn for Amazon following its latest profit report dragging the Nasdaq composite down by 1.4%.

Bond markets also reflected this uncertainty, as Treasury yields rose after a disheartening report on consumer sentiment was released. According to preliminary data from the University of Michigan, U.S. consumers are projecting inflation to reach 4.3% over the next year, a forecast not seen since 2023.

Market observers are growing increasingly concerned that the proposed tariffs on various imported goods by Trump could elevate prices for American consumers significantly.

Investors are also closely monitoring upcoming earnings reports from companies in the U.S. and globally. In Japan, Honda Motor Co. and Nissan Motor Corp. are scheduled to report earnings on Thursday, amidst swirling speculation that their negotiations to create a joint holding company might be faltering. Japanese media reports citing unnamed sources have caused fluctuations in the stock prices of both companies.

Amazon, despite surpassing analysts’ expectations for its earnings at the end of 2024, saw a notable drop of 4.1% in its stock. Investors appeared to have shifted focus to its revenue forecast, which fell short of market expectations.

Overall, the S&P 500 decreased by 57.58 points, closing at 6,025.99, while the Dow Jones Industrial Average fell by 444.23 points to 44,303.40. The Nasdaq composite dropped by 268.59 points, finishing at 19,523.40.

In the bond market, the yield on the 10-year Treasury rose to 4.48% on Friday from a previous 4.44%. The two-year Treasury yield, which aligns more closely with Federal Reserve expectations, increased more significantly from 4.22% to 4.28%.

In energy trading, benchmark U.S. crude saw an addition of 44 cents, closing at $71.44 per barrel while Brent crude, the global benchmark, gained 48 cents, reaching $75.14 per barrel.