Asian stocks moved in a flat-to-low range on Monday, consolidating gains after their best weekly run in five months, as investors awaited more interest rate cuts in China and US Federal Reserve Chair Jerome Powell’s testimonies for clues on the path ahead. 

Japan’s Nikkei 225 tumbled 1%, buoyed by the Bank of Japan (BOJ), leaving its ultra-easy policy setting unchanged. The broader TOPIX lowered 0.6%, pausing after rallying to fresh 33-year highs last week.

China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes fell 0.84% and 0.52%, respectively, while Hong Kong’s Hang Seng index lost 1.23% as they retreated from solid gains made last week. Losses in China spilt over into other markets, with South Korea’s KOSPI down 0.78%.

Australia’s ASX 200 was among the few daily outperforming, rising 0.6% on strength in heavyweight banking and financial stocks.

A dovish BOJ pushed the yen to a seven-month low of 141.97 per dollar in currency markets. In contrast, the yuan strengthened versus the dollar, reaching 7.155 per dollar. 

Following a similar drop in medium-term policy loans last week, the People’s Bank of China will likely lower its benchmark lending prime interest rates on Tuesday.

Fed Chair Jerome Powell is scheduled to speak before Congress on Wednesday, perhaps providing fresh monetary policy indications after the central bank stopped its rate hike cycle but signalled at least two more raises later in the year.