Shanghai, China (BBN)-Asian markets traded lower on Monday on news that Japan’s economy contracted for a second consecutive quarter, marking a recession.
Gross domestic product (GDP) fell at annualised 1.6% from July to September, compared to forecasts of a 2.1% rise, reports BBC.
That followed a revised 7.3% contraction in the second quarter.
The benchmark Nikkei fell 1.9% to 17163.24 after hitting a seven-year high of 17,490.83 on Friday.
In Greater China, shares in Hong Kong opened up as investors cheered the first day of trading of the landmark Shanghai-Hong Kong stock connect scheme.
The trading link will let international investors trade Shanghai-listed shares directly for the first time from the Hong Kong stock exchange.
Also under the scheme, investors on the Chinese mainland will be able to trade in Hong Kong shares from the Shanghai Stock Exchange.
The Hang Seng index was higher 0.2% 24,087.38, while the Shanghai Composite erased earlier gains to turn down on profit taking. It was lower 0.2% at 2,475.10.
In Australia, the S&P/ASX 200 index was up 0.2% at 5,454.34 after news that Australia has reached a free trade deal with China and an agreement would be signed later in the day.
China is Australia’s largest trading partner.
South Korean shares were down 0.8%, with the Kospi at 1,945.14 points.
BBN/SS-17Nov14-11:00am (BST)