Japanese stocks make a higher start; mainland China markets closed

SINGAPORE — Stocks in Japan appeared to start higher on Monday as investors continue to monitor the US Treasury yield curve and developments from the war in Ukraine.

The Nikkei futures contract in Chicago stood at 27,730, while its counterpart in Osaka stood at 27,690. That compared to the last closing price of the Nikkei 225 at 27,665.98.

Elsewhere in Australia, the SPI futures contract stood at 7,488, against the latest closing price of the S&P/ASX 200 at 7,493.80.

The markets in mainland China will be closed on Monday and Tuesday this week for holidays.

Some closely watched US Treasury yields reversed Friday as short-term interest rates rose following the release of US jobs data, raising concerns about a possible recession on the horizon.

The yield on 10-year government bonds was last at 2.3895%, while the yield on 2-year government bonds was 2.4625%. Yields move inversely to prices, with 1 basis point equaling 0.01%.

The US dollar index, which tracks the greenback against a basket of its peers, stood at 98,614, compared with levels below 98 recorded in late March.

The Japanese yen traded at 122.61 per dollar, stronger than levels above 124 seen against the greenback last week. The Australian dollar stood at $0.7487 after trading between $0.747 and $0.753 for much of the past week.

— Patti Domm of CNBC contributed to this report.