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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)
Japanese shares hit their highest level in nearly eight years after government data showed the world's third largest economy had come out of a recession. 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.
The economy expanded by an annualised 2.2% in the fourth quarter in a preliminary reading after contracting in the previous two quarters. Preliminary data showed the economy expanded at annualised pace of 2.2% in the fourth quarter after contracting in the previous two quarters.
But, the figures came in well below market expectations of a 3.7% increase. However, the figure was well below market expectations of a 3.7% increase.
However, the benchmark Nikkei 225 hit 18,047.07 in early trade, the highest level since July 2007. Despite this, the benchmark Nikkei 225 closed up 0.5% at 18,004.77 - its highest finish since July 2007.
The dollar was at 118.63 yen, slightly down from 118.74 yen in New York trade on Friday. The dollar was at 118.53 yen, slightly down from 118.74 yen in New York trade on Friday.
Chinese markets headed in opposite directions with the Shanghai Composite down 0.1% to 3,200.44, while Hong Kong's Hang Seng index rose 0.2% to 24,727.58. 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 headed higher with the benchmark S&P/ASX 200 up 0.06% to 5,881. In Australia, shares closed at near seven-year highs, boosted by gains for energy and mining stocks.
Shares of Patties Food fell as much as 18% after it recalled its frozen berry products following a hepatitis A outbreak linked to poor hygiene and water supplies in a Chinese packaging plant. 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.
South Korean shares traded flat with the Kopsi at 1,958.72. 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.