Shares fall in Japan, while most of Asia's markets are shut for the Lunar New Year holiday

TOKYO (AP) — Japan’s benchmark Nikkei 225 index fell about 1% on 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 6.2% 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.

By midday, the Nikkei 225 was down 1% at 56,237.65.

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 0.3% to 8,964.10, while India's Sensex edged 0.1% lower. In Thailand, the SET was down less than 0.2%.

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%.

In other dealings early Tuesday, benchmark U.S. crude rose 65 cents to $63.54 a barrel. Brent crude, the international standard, lost 29 cents to $68.36 a barrel.

The U.S. dollar slipped to 153.17 Japanese yen from 153.51 yen. The euro cost $1.1841, down from $1.1852.

The price of gold fell 1.4% and silver was down 3.4%.

Bitcoin fell 0.6% to about $68,500.

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