S&P/ASX200 index

The rate increase, however, depends on jobs and inflation data.

South Korea reported a 26.2% on-year jump in exports in dollar terms.

US President Donald Trump's tax reform promise pushed major Wall Street indices to record highs last week.

Investors were also concerned about Samsung Electronics following the arrest of its heir Lee Jae-yong.

New York Fed president William Dudley said on Wednesday that the central bank could increase rates soon.

Yellen suggested that the US Fed's next rate increase could come as early as next month.

Investors are said to be concerned about Janet Yellen's stance on interest rate increases going forward.

Trump set aside harsh rhetoric over jobs and security leading to a smooth meeting with Abe.

China reported a 7.9% on-year increase in exports and a 16.7% jump in imports in January.

The trend in Asian markets also follows renewed confidence in China's economy.

Investors' confidence has also been dented over doubts surrounding Trump's policies and the election in France.

Economists suggested that China might report a $10.5bn fall in its foreign exchange reserves in January.

China's Markit/Caixin services purchasing managers' index came in at 53.1 in January 2017.

The PBOC raised the interest rates on open market operations by 10 basis points.

The downtrend comes despite Australia reporting a record monthly trade surplus in December.

The bullish trend comes ahead of the US FOMC meeting announcement that is expected later in the day.

The bearish trend in Asian markets was also attributed to US President Donald Trump's travel ban.

The markets are awaiting the outcome of the Bank of Japan's policy meeting.

Stock markets across China and South Korea were closed for the Lunar New Year holiday.

Japan's exports in December and South Korea's Q4 GDP were both higher than expected.

Donald Trump said he would instead consider one-on-one trade deals with various Asian countries.

Trump said on Friday that he would focus on laying two simple rules - buy American and hire American.

Chinese stocks gain after data reveals its economy has grown 6.8% year-on-year in the final quarter of 2016.

Yellen said it 'makes sense' for the US central bank to raise interest rates gradually.

The US president-elect said the dollar was very strong, prompting it to fall to a one-month low.

May is expected to unveil 12 negotiating objectives for the government while rejecting a 'half-in, half-out' Brexit.

The markets are also awaiting policy pointers after Donald Trump's inauguration as US president.

China's exports in dollar terms declined 7.7% on-year in 2016.

The dollar's fall after the Trump press conference dragged down Asian markets as well.

Most US indices slipped ahead of US President-elect Donald Trump's news conference on Wednesday.