Asian markets mostly fell as investors weighed the adverse effects on the economy in 2023.

Asia-Pacific markets mainly fell after Wall Street suffered overnight losses as investors weighed the negative impacts on the economy in 2023.

Hong Kong’s Hang Seng index rose 2.43% as trade resumed after the holiday week. In Mainland China, the Shenzhen Component fell 0.72 percent. The yuan was little changed and was last held at 6.9689 against the US dollar.

In South Korea, Kospi slid 2.01 percent as shares of chip and battery makers priced in the old dividend effect, where shareholders won’t be eligible for annual payments next year. In Australia, the S&P/ASX 200 fell 0.15 percent after giving up on previous gains.

In Japan, Nikkei 225 dropped 0.59 percent and Topix 0.28 percent. The Bank of Japan released its outlook on its monetary policy meeting last week when it unexpectedly expanded the target range for Japanese government bond yields.