Investing.com - Asian stock markets gained on Monday, with markets in Japan moving higher despite data showing that the nation’s economy grew less-than-expected in the fourth quarter.
During late Asian trade, Hong Kong's Hang Seng Index jumped 1.1%, China’s Shanghai Composite index rose 0.9%, Australia’s ASX/200 Index closed 0.50% higher, while Japan’s Nikkei 225 Index ended up 0.56%.
In Tokyo, the Nikkei fell to a more than one-week low before turning higher after preliminary data released earlier showed that Japan’s economy grew by 0.3% in the final three months of 2013, missing expectations for growth of 0.7%.
On an annualized basis, the country’s gross domestic product rose 1% in the fourth quarter, below forecasts for an increase of 2.8%.
USD/JPY fell to a session low of 101.37, the lowest since February 6. A stronger yen reduces the value of overseas income at Japanese companies when repatriated, weighing on the outlook for export earnings.
Shares in the country’s largest online retailer Rakuten lost 9.5% after the company said it agreed to acquire messaging service Viber Media in a deal valued at nearly USD900 million.
Meanwhile, in Australia, the ASX/200 Index ended close to a three-month high as broad gains the financial sector boosted the benchmark index.
National Australia Bank rallied 1.85%, Australia and New Zealand Banking picked up 0.9%, while Westpac Banking and Commonwealth Banking Group added 0.5% and 0.3% respectively.
Elsewhere, in Hong Kong, the Hang Seng rose to a three-week peak after data released over the weekend showed that Chinese bank lending rose to a four-year high in January, easing concerns over tightening liquidity levels.
Shares in the financial sector were higher, with China Construction Bank shares rising 1.7%, while China Merchants Bank and China CITIC Bank gained 2.7% and 3.2% respectively.
Looking ahead, European stock market futures pointed to a mildly higher open. The EURO STOXX 50 futures pointed to a gain of 0.2%, France’s CAC 40 futures added 0.1%, London’s FTSE 100 futures indicated a rise of 0.1%, while Germany's DAX futures were little changed.
Markets in the U.S. are to remain closed for the Presidents Day holiday.