Asian stocks slipped, with the regional benchmark index retreating from its biggest weekly advance in more than two months, as Japanese shares fell amid a stronger yen.

The MSCI Asia Pacific Index fell 0.2 percent to 129.36 as of 9:03 a.m. in Tokyo. The gauge climbed 3.5 percent last week, the biggest weekly advance since April, as central banks for Europe, Japan and the U.K. indicated they are prepared to loosen policy to deal with the fallout of the Brexit vote.

“While the potential for increased liquidity from central banks has helped calm stock markets, there’s still a lot of uncertainty out there,” Nicholas Teo, a trading strategist at KGI Fraser Securities in Singapore, said by phone. “The strengthening U.S. dollar isn’t good for emerging markets. With China still on a slowdown, U.S. recovery tentative and the messy U.K.-EU divorce, volatility will remain heightened.”

Australia’s S&P/ASX 200 Index was little changed. A national election Saturday left neither major party with enough seats to form a majority government, potentially increasing risks to the country’s top credit rating.

Japan’s Topix Index slipped 0.4 percent as the yen traded at 102.48 to the dollar. While most Asian markets have recovered or are close to recouping their losses from Brexit, Japan is little more than halfway to reaching its pre-referendum level. The Topix index climbed 4.2 percent last week, its best performance since mid-April.

South Korea’s Kospi Index was little changed. New Zealand’s S&P/NZX 50 Index added 0.2 percent. Markets in Indonesia are shut for the entire week, while those in China have yet to open. Hong Kong resumes trading following Friday’s holiday.

Futures on the Hang Seng Index fell 0.1 percent. The Shanghai Composite Index rose 0.1 percent on Friday, capping its biggest weekly gain in a month.

U.S. markets are shut for a holiday. The S&P 500 Index had its best week since November, as a 0.2 percent gain on Friday trimmed its decline since the U.K. vote on June 23 to 0.5 percent.

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