The prices of commodities were sharply fell on Thursday, cutting into months of gains and weighing on equity markets, as China takes steps to cool off rising prices and the U.S. dollar strengthens.
As per media reports, the Chinese government agency announced a plan on Wednesday to release reserves of key metals, including copper and aluminium.
The Nikkei 225 dipped slightly by 0.19%, while the Topix index slipped by 0.77%. South Korea’s Kospi traded fractionally higher.
The Shanghai Composite was marginally up, while the Shenzhen Component rose 0.77%, Hong Kong’s Hang Seng index rose 0.74% and the S&P/ASX 200 in Australia advanced 0.13%.
Oil prices were lower with Brent crude futures slipped 0.79% to $72.50 per barrel and U.S. crude futures declined 0.73% to $70.52 per barrel.
Meanwhile, the Bank of Japan has announced its decision to hold steady on monetary policy as well as an extension of the duration of its pandemic relief program.