Stock market today: Asian shares trade mixed as investors look ahead to economic data

TOKYO (AP) — Asian shares were trading mixed Tuesday as investors looked ahead to a week that could see more swings in financial markets, including key reports on U.S. consumer confidence and the job market.

Japan's benchmark Nikkei 225 reversed course and added 0.3% in afternoon trading to 30,796.81. Australia's S&P/ASX 200 gained 0.1% to 6,780.70. South Korea's Kospi lost 1.3% to 2,280.48. Hong Kong's Hang Seng shed 1.0% to 17,059.78, while the Shanghai Composite declined 0.4% to 3,008.37.

Japan’s central bank changed its language on yields Tuesday, allowing the yields on its 10-year government bonds to increase above 1%, calling it “a reference point” instead of a more rigidly set cap.

“The Bank judges that it is appropriate to increase the flexibility in the conduct of yield curve control so that long-term interest rates will be formed smoothly in financial markets in response to future developments,” the Bank of Japan said in a statement.

At the end of its two-day policy meeting, the Bank of Japan maintained its monetary policy that takes a different track from the U.S. Federal Reserve and the world’s other major central banks, which have been tightening their monetary policies.

That has led to a dramatically weakening Japanese yen. Although a weak yen is a boon for Japan’s exporters, raising the value of its overseas earnings, an overly volatile currency is a minus for the economy overall and decreases Japan’s purchasing power.

The U.S. dollar has been trading at the upper 140-yen levels for some time, hitting 150 yen recently. In currency trading, the U.S. dollar rose to 150.16 Japanese yen from 149.04 yen. The euro cost $1.0595, down from $1.0619.

On Wall Street, the S&P 500 rose 49.45 points, or 1.2%, to close at 4,166.82 on Monday. It was the first...