Shares in Asia-Pacific fell on Monday as recession fears weighed on prospects for continued tight monetary policy worldwide. 

Nikkei 225 fell 1.24% in early trading, while Topix fell 0.97%. The dollar continued to hover at a 32-year high against the Japanese yen, at 148.62 per dollar in recent trading. 

Hong Kong’s Hang Seng index fell 0.28 percent in early trading. Shanghai Composite 

In mainland China, it fell 0.16 percent, and the Shenzhen Component was flat. 

In Australia, the S&P/ASX 200 is 1.42 percent lower. South Korea’s Kospi fell 16 percent, and the Kosdaq fell 0.12 percent. MSCI’s most extensive index of Asia-Pacific shares outside Japan fell 0.88 percent. 

Later in the week, some countries in the region will release inflation data, Australia will release unemployment statistics, and China will announce its major loan rate decision. 

Over the weekend, Chinese President Xi Jinping spoke at the opening ceremony. He  said that China would not “promise to abandon the use of force” for reunification. 

U.S. stocks closed the previous week lower after a University of Michigan survey showed inflation expectations were rising.