A cafe at the Royal Arcade, Bourke Street Mall, in Melbourne, Australia.
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Asia-Pacific markets mostly fell on Monday, ahead of inflation data from Australia and Japan later this week.

Special attention will be paid to Australia’s May consumer price index figures on Wednesday, after Reserve Bank of Australia Governor Michelle Bullock revealed the central bank discussed hiking rates at its last meeting.

Should inflation come in higher than expected and spur the RBA to raise rates, it would be the first major Asia-Pacific central bank to do so in an environment where investors are waiting for rate cuts, barring Japan.

The RBA has two inflation readings to consider — June 26 and July 31— before its next meeting on Aug. 6.

Australia’s S&P/ASX 200 fell 0.61%.

Japan’s Nikkei 225

On Monday, the Bank of Japan revealed it discussed raising its interest rate during its June monetary policy meeting. It said, however, “any change in the policy interest rate should be considered only after economic indicators confirm that, for example, the CPI inflation rate has clearly started to rebound and medium to long-term inflation expectations have risen.”

Last week, BOJ Governor Kazuo Ueda reportedly told the country’s parliament that the central bank could raise rates as soon as its July meeting.

South Korea’s Kospi dipped 0.72%, and the small-cap Kosdaq was 1% lower.

Hong Kong Hang Seng index

On Friday in the U.S., the S&P 500 ticked lower as shares of market bellwether Nvidia pulled back for a second day.

Nvidia

Overall, the S&P fell 0.16%, while the Nasdaq Composite dipped 0.18%. The Dow Jones Industrial Average edged up 0.04%.

“Technology stocks continue to be in the spotlight,” said Emily Roland, co-chief investment strategist at John Hancock Investment Management. “I can’t remember a time when one single stock … has been so influential on the market, and that’s really been a key driver of the market action as of late.”

—CNBC’s Samantha Subin and Hakyung Kim contributed to this report.

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