Broader markets took few cues from falling oil prices, which extended losses from last week

Most Asian currencies moved little in holiday-thinned trade on Monday, with focus turning to a top-level U.S.-China summit in Washington later in the week.

Japanese markets were closed on Monday and will remain closed through most of the week, while Chinese and South Korean markets will be closed later in the week.

Broader markets took few cues from falling oil prices, which extended losses from last week.

The yen moved little on Monday, with the USD/JPY pair hovering close to 157 yen after an interest rate hike by the Bank of Japan on Friday provided limited support.

Friday’s 25 basis point hike was widely expected, with commentary from the BOJ coming in less hawkish than markets were expecting, given that the central bank stopped short of telegraphing more rate raises in the coming months.

Focus this week is squarely on Chinese President Xi Jinping’s upcoming meeting with U.S. President Donald Trump. The two are set to discuss a host of topics, with trade tariffs and artificial intelligence taking precedence.

On trade, Xi and Trump are widely expected to extend their ongoing trade truce, which will expire in early-November.

The yuan’s USD/CNY pair moved little on Monday after the People’s Bank left benchmark lending rates largely unchanged.

The PBOC left its one and five-year loan prime rates unchanged at 3.0% and 3.50%, respectively, leaving them at record-low levels as Beijing moves to shore up loan demand and spending.

Low rates have so far had little impact on the yuan, which hit a four-year high in September amid a series of strong midpoint fixes by the PBOC.

Broader Asian currencies moved in a tight band on Monday. Trading volumes this week are expected to be limited amid a slew of holidays in some markets.