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Japanese shares near eight-year high on GDP data | Japanese shares near eight-year high on GDP data |
(about 4 hours later) | |
Japan's stock market hit its highest level in nearly eight years after data showed the world's third largest economy had come out of a recession. | |
Preliminary data showed the economy expanded at annualised pace of 2.2% in the fourth quarter after contracting in the previous two quarters. | |
However, the figure was well below market expectations of a 3.7% increase. | |
Despite this, the benchmark Nikkei 225 closed up 0.5% at 18,004.77 - its highest finish since July 2007. | |
The dollar was at 118.53 yen, slightly down from 118.74 yen in New York trade on Friday. | |
Chinese markets also headed higher with the Shanghai Composite rising 0.5% to 3,218.52, while Hong Kong's Hang Seng index climbed 0.3% to 24,744.94. | |
Government data showed that China saw $13.9bn (£9bn) in foreign direct investment in January, up nearly 30% from a year ago. | Government data showed that China saw $13.9bn (£9bn) in foreign direct investment in January, up nearly 30% from a year ago. |
In Australia, shares closed at near seven-year highs, boosted by gains for energy and mining stocks. | |
The benchmark S&P/ASX 200 was up 0.2% at 5,888.7, just short of Friday's seven-year peak of 5,893.5. | |
Shares of Patties Food fell as much as 18% at one point after the company recalled its frozen berry products following a hepatitis A outbreak linked to poor hygiene and water supplies in a Chinese packaging plant. The firm's shares eventually recovered some of its earlier losses to close down 7.7%. | |
South Korean shares ended flat with the Kopsi at 1,958.23, with investors remaining cautious ahead of a central bank policy meeting on Tuesday. |