Asian stocks were mixed on Monday as investors pondered the upcoming Federal Reserve meeting, after which best week since November with a slight increase in US stocks on Friday.

US futures rose while oil prices fell.

Japan’s benchmark index fluctuated in morning trade, with the Nikkei 225 losing 15.50 points to 38,047.17 after data showed that core machinery orders, seen as a leading indicator of capital spending over the next six to nine months, fell 1.7 percent year-on-year in June.

The US dollar fell from 147.58 yen to 146.44 Japanese yen.

Last week, better-than-expected U.S. retail sales figures boosted market confidence and changed sentiment about possible Federal Reserve rate cuts in September, which could trigger a sell-off in the yen against the dollar and other major currencies. Nevertheless, the dollar-yen exchange rate has been declining in recent weeks.

“The recent turmoil in foreign exchange markets is not only due to the Bank of Japan’s actions… other factors such as signals from the Federal Reserve about possible interest rate cuts, weak US labor market data and broader global economic uncertainties have also contributed to the recent turmoil,” said Luca Santos, currency analyst at ACY Securities, in a commentary.

The market’s focus is on Jackson Hole in the state of Wyoming, where Federal Reserve Chairman Jerome Powell will give a speech at the end of the week and where important political announcements have already been made in the past.

Since the Fed has said its future steps will depend largely on the data reports released at that time, “it will be difficult for Powell to commit to a specific direction in advance in Jackson Hole,” said Deutsche Bank economists led by Matthew Luzzetti.

But Powell could provide clues as to whether the Fed simply wants to take the brakes off the economy with the interest rate cuts or whether it also wants to give it a boost.

Elsewhere in Asia, Australia’s S&P/ASX 200 rose 0.2 percent to 7,988.00, while the Kospi in Seoul lost 0.2 percent to 2,690.83. The Hang Seng in Hong Kong gained 1 percent to 17,611.77, while the Shanghai Composite rose 0.5 percent to 2,894.57.

Bangkok’s SET rose 0.8% after data showed the country’s gross domestic product grew 2.3% in the second quarter from the same period last year, driven by tourism.

On Friday, the S&P 500 rose 0.2 percent to 5,554.25, its seventh consecutive session of gains, falling to within 2 percent of its all-time high set last month. The Dow Jones Industrial Average rose 0.2 percent to 40,659.76 and the Nasdaq Composite gained 0.2 percent to 17,631.72.

Treasury yields fell in the bond market following mixed reports on the U.S. economy. One showed fewer construction projects started last month than forecast, cooling the market somewhat. Optimism had risen earlier in the week after a spate of better-than-expected reports on everything from inflation To Sales at US retailers.

But a report later that morning suggested US consumers feel better about the economy than expected. That’s a big deal for Wall Street because its spending makes up the majority of the economy.

Although confidence in the strength of the economy has increased following the series of positive reports, a downturn is still likely due to high interest rates.

The question is whether the slowdown in growth will overshoot the mark and widen into a recession. The hope on Wall Street is that an expected reduction in interest rates at the next Fed meeting in September will help prevent this.

In the bond market, the yield on 10-year U.S. Treasury notes fell to 3.88 percent from 3.92 percent late Thursday. The yield on two-year Treasury notes, which is more in line with expectations for Fed action, fell to 4.05 percent from 4.10 percent late Thursday.

In energy trading, US oil as a reference grade lost 16 cents and was at $75.38 per barrel. The international standard grade Brent lost 15 cents and was at $79.53 per barrel.

The euro has risen against the US dollar. On Monday, the euro was at $1.1040, compared to $1.1028.

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AP Business Writer Stan Choe contributed to this report.