Japanese stock prices declined and Chinese markets were little-changed Wednesday while trading in most other Asian economies was closed for Christmas Day.

Tokyo’s Nikkei 225 lost 0.2% to 23,782.87 while the Shanghai Composite Index was off less than 1 point at 2,981.88. Malaysia’s benchmark was down 0.6% while Taiwan gained 0.3%.

Markets in London, Frankfurt, Hong Kong and India were closed.

Tokyo stocks closed lower on Wednesday in thin trade with foreign investors absent for the Christmas holidays and few fresh market-moving events.

The benchmark Nikkei 225 index ended down 0.20 per cent, or 47.71 points, at 23,782.87, while the broader Topix index slipped 0.39 per cent, or 6.80 points, to 1,721.42.

“Shares moved just narrowly, which is typical of year-end trade,” said Makoto Sengoku, market analyst at Tokai Tokyo Research Institute.

Investors “do not need to move now in the absence of major trading pegs,” he said.

Investors took to the sidelines as major markets abroad − in New York, Hong Kong, and London, among others − are closed on Wednesday for the Christmas holiday, analysts also said.

In Tokyo, automakers were among losers, with Toyota slipping 0.83 per cent to 7,676 yen, Honda losing 0.51 per cent to 3,112 yen, and Mitsubishi Motors closing down 1.51 per cent at 456.

Nissan dropped 3.13 per cent to 633.1 yen after the crisis-hit automaker confirmed earlier media reports saying that its vice chief operating officer who is a key figure in restructuring the automaker has decided to quit just weeks after taking the job.

Jun Seki, 58, number three at Nissan, is expected to become president of major electric components maker Nidec, according to a source close to Nissan.

Nidec, in contrast, edged up 0.33 per cent to close at 15,155 yen.

Elsewhere, Panasonic edged 0.97 per cent lower to close at 1,012 yen and Sharp dropped 2.26 per cent to 1,640 yen.

China stocks ended roughly flat on Wednesday in quiet trading, as many overseas financial markets were closed for Christmas.

The blue-chip CSI300 index fell 0.1%, to 3,990.87, while the Shanghai Composite Index was flat at 2,981.88. US President Donald Trump said on Tuesday he and Chinese President Xi Jinping will have a ceremony to sign the first phase of the U.S.-China trade deal agreed to this month.

China will step up support for employment to cope with rising pressure on job security due to internal and external challenges, the cabinet said on Tuesday, as the world’s second-largest economy slows.

“At present, China’s employment situation is generally stable, but risks and challenges at home and abroad are increasing and the pressure to stabilise employment is increasing,” the State Council said in a statement. The real estate sector slipped 0.3%, after China said it will curb financial risks in the rental housing market. Around the region, Japan’s Nikkei index was down 0.20%.

 The yuan was quoted at 6.9923 per US dollar, 0.21% firmer than the previous close of 7.007. As of 07:05 GMT, China’s A-shares were trading at a premium of 25.73% over the Hong Kong-listed H-shares

On Tuesday, Wall Street ended nearly flat in a shortened pre-Christmas Day trading session. US markets reopen Thursday.

The benchmark S&P 500 index slipped less than 0.1% to 3,223.38. The Dow Jones Industrial Average dropped 0.1%, to 28,515.45. The Nasdaq composite gained 0.1% to 8,952.88.

Investors have been encouraged by plans for an interim U.S.-Chinese trade deal despite having seen few details.

US recession fears have faded after the Federal Reserve cut interest rates three times. The central bank appears set to keep them low for a long time.

Energy markets were closed for the holiday.

In currency markets, the dollar edged down to 109.36 yen from Tuesday’s 109.38 yen. The euro gained to $1.1096 from $1.1089.

Gold rose above $1,500 an ounce on Tuesday as lingering fears of recession and equity market highs drove investor demand. Spot gold was up nearly 1% in thin trade at $1,499.48 per ounce by 01:40 p.m. ET (1840 GMT), its highest since Nov. 5, while US gold futures settled up 1.1% at $1,504.80. “We are still not seeing good (US) numbers come out of the business investment side. We are wholly dependent on consumer spending. But when consumer spending starts to flag a bit, then the economy could really start to slow down more noticeably,” Edward Meir, analyst at ED&F Man Capital Markets, said.

New orders for key US-made capital goods barely rose in November and shipments fell, data on Monday showed, suggesting business investment will probably remain a drag on economic growth in the fourth quarter. Data from the United States is keenly watched for cues on the central bank’s future monetary trajectory. Gold is sensitive to rising interest rates, which lift its opportunity cost. Meanwhile, optimism on U.S.-China trade talks has lifted equities to record levels. World stocks remained on track for their best year in a decade, while Wall Street dipped from near-record levels. “The stock market is getting very overbought. If you have a correction in stocks, gold could benefit,” Meir added.

Agencies