Asia markets were trading sideways on Monday, as investors looked past a weekend dominated with Donald Trump inauguration headlines and await clarity on policies including plans to possibly renegotiate the North American Free Trade Agreement and abandon the Trans-Pacific Partnership (TPP) deal.
The new administration said last Friday that its trade strategy to protect American jobs would begin with the withdrawal from the TPP and "crack down on those nations that violate trade agreements and harm American workers in the process."
Trump's first speech as president last Friday also revealed an "inward-looking and protectionist U.S., extolling 'only America first' policies on trade, taxes, immigration and on foreign affairs," said Vishnu Varathan, senior economist at Mizuho Bank, in a note on Monday.
Australia's ASX 200 (^AXJO) fell 0.8 percent or 45.4 points to close at 5,609.4, as its industrials sub-index dropped 3.97 percent.
Logistics company Brambles (ASX:BXB-AU) plunged 15.8 percent, after the company downgraded its earnings guidance for the six months ended 31 December 2016, over concerns for its North American operations.
The company expects sales revenue growth at 5 percent, compared to the previous guidance of 7 to 9 percent, and underlying profit growth to be around 3 percent, compared to the earlier forecast of 9 to 11 percent.
Japan's Nikkei 225 (Nihon Keizai Shinbun: .N225) shed 1.29 percent or 246.9 points at 18,891.03, weighed by the advancing yen as the dollar/yen pair slipped below the 114 handle.
Toshiba (Tokyo Stock Exchange: 6502.T-JP) shares surged 9 percent, after several media reports that it is in the midst of preparing for the sale of its semiconductor business.
Other major exporters in Japan were hit by the stronger currency.Toyota Motor (Tokyo Stock Exchange: 7203.T-JP) fell 1.63 percent, Honda Motor (Tokyo Stock Exchange: 7267.T-JP) lost 1.72 percent, while Sony (Tokyo Stock Exchange: 6758.T-JP) was off 1.15 percent and Panasonic (Tokyo Stock Exchange: 6752.T-JP) was down 1.62 percent.
In South Korea, the Kospi (Korea Stock Exchange: .KS11) closed flat at 2,065.99, as the political saga continues with President Park Geun-hye's culture minister and her former presidential adviser arrested on Saturday over allegations that they blacklisted artists critical of the government, Reuters reported.
Samsung Electronics (Korea Stock Exchange: 593'A-KR) was up 1.56 percent as it finally identified what went wrong with its Galaxy Note 7 handsets that led to one of the worst technology recalls in recent times, a day before its full-year earnings, with the assembly process in layering the batteries and issues in the manufacturing end responsible, the company said on Monday.