Tokyo, Japan (BBN)-Japanese shares headed lower on Monday despite revised economic growth figures beating expectations by a wide margin.
The world’s third largest economy expanded 1 per cent in the first three months from the previous three, up from an initial estimate of 0.6 per cent, reports BBC.
It also grew 3.9 per cent on an annualised basis, compared to a preliminary reading of 2.4 per cent and was much higher than forecasts of 2.7 per cent growth.
The benchmark Nikkei 225 index was down 0.3 per cent to 20,397.03.
Shares were also lower even though a positive US jobs report on Friday also helped pushed the yen down against the dollar, which is good for Japanese exporters as it makes them more competitive overseas and increases profits when repatriated.
The dollar was at 125.58 yen against 125.56 yen in New York on Friday. The dollar had briefly hit a 13-year high of 125.86 yen.
CHINA TRADES MIXED
Chinese shares were trading mixed in early trade with Hong Kong’s Hang Seng index down 0.1per cent to 27,232.87, while the Shanghai Composite was up 0.1per cent to 5,030.56.
Mainland shares of CRRC were up 10 per cent after a month-long trading halt, as investors piled into the Chinese train maker that is now the world’s largest in terms of market value following its merger.
CSR and China CNR, which had been the country’s two largest train makers, announced last week that they had completed their government-driven merger through a share swap, which saw CNR absorbed into CSR and delisted.
In South Korea, the benchmark Kospi index was down 0.2 per cent to 2,063.05.
The government is trying to contain an outbreak of the Middle East Respiratory Syndrome (MERS) after the health ministry reported 23 new infections on Monday, bringing the total to 87.
Six people have died from the disease in Korea, which now has the second highest number of infections in the world after Saudi Arabia.
Markets in Australia are closed for a public holiday.