Bank of Japan Governor Kazuo Ueda said on Monday the central bank will continue to raise interest rates if its underlying inflation target is likely to be achieved, despite potential losses on its government bond holdings.

Most Asian stocks moved in a tight range on Monday as investors digested the prospect of less severe trade tariffs under U.S. President Donald Trump, while Japanese markets retreated on weak business activity readings. 

Oil prices inched up on Monday as investors weighed the impact of fresh U.S. sanctions on Iranian exports against ceasefire talks aimed at ending the Russia-Ukraine war, which could lead to an increase in Russian supplies to global markets.

The dollar drifted just below a three-week high versus major peers on Monday as traders cautiously awaited clarity on U.S. President Donald Trump’s next round of tariffs.

Thailand’s exports rose for an eighth consecutive month in February, the commerce ministry on Friday said, although uncertainty over U.S. trade policy clouds the outlook for the remainder of the year.

The British public’s expectations for inflation in the short term hit their highest level in more than a year in February, according to a Citi/YouGov survey on Thursday that underscored the challenges facing the Bank of England.