Asian markets end on a mixed note

Japan's Nikkei stock average inched down 0.1% at 9,672 as investors grew cautious ahead of key corporate earnings reports and a closely watched U.S. Federal Reserve meeting this week but buoyant shipping stocks provided support.

Most Asian stock markets were sluggish as they reopened after the long Easter weekend, but South Korea's benchmark stock index clawed above a peak scaled last week and hit another record intraday high. The benchmark index was last up 0.9% at 2,217. Hong Kong's Hang Seng markets was shut today.

Many investors have taken to the sidelines as Japan's earnings reports for the January-March quarter kick off in earnest this week, to see if companies give forecasts for the year that started on April 1 and provide clarity on the extent of damage from last month's earthquake and tsunami.

"The Nikkei ran out of steam in the afternoon as many buyers simply backed off ahead of a series of domestic earnings," said Hideyuki Ishiguro, a supervisor at Okasan Securities.

"The market is watching whether companies are able to provide estimates. The Nikkei could come under more pressure if many are unable to provide forecasts at their earnings announcements."

Investors were also reluctant about building large positions ahead of the U.S. Federal Reserve's monetary policy meeting this week and a series of holidays in Japan in late April and early May, known as "Golden Week".

Volume fell to its lowest this year, with only 1.46 billion shares changing hands on the Tokyo Stock Exchange's first section.

Chinese shares ended down 1.5% at 2,965 on concerns the Peoples' Bank of China may maintain tight monetary policies for longer than expected given the rising price of oil. Analysts are also worried that institutional investors can't set aside enough funds to support further gains in the stock market. As of Friday, the Shanghai index has gained 7.2% this year.

Markets are looking to a news conference by Federal Reserve Chairman Ben Bernanke on Wednesday after the bank's two-day policy meeting to see how the central bank plans to exit from its super-easy monetary policy.

Traders are also nervously watching Greece after newspaper reports that it is considering extending maturities on its sovereign debt as one option for a possible restructuring.

The Australian dollar, which tends to attract buying when the global economy is doing well and commodity prices rise, touched a 29-year high of $1.0777. It later trimmed its gains to stand at $1.0735, little changed on the day.

U.S. crude futures oil rose as violence in Syria and Yemen escalated over the weekend, stirring fears of supply disruptions from the Middle East and North Africa.