Investing.com - Shares in Asia were mostly higher on Monday with Tokyo flat after second quarter GDP data that came in below expectations.
The Nikkei 225 was up 0.79 of a point at the break, for a flat reading.
Japan reported second quarter GDP with a gain of 0.2% year-on-year, missing the 0.7% rise seen, and a flat quarter-on-quarter pace, below the 0.2% increase expected, with the figures weighed down by sluggish private consumption and net exports.
"There are some positive signs in capital investment but we need to watch the developments because corporate profits are being flat now in light of the appreciation of the yen," a senior Cabinet Office official said after the data.
Consumer spending, which accounts for about 60% of the GDP, rose 0.2% on quarter compared to a 0.1% decline seen, but that did little to lift spirits.
"Private consumption remains largely flat. Our assessment is unchanged," the official said.
To boost growth Japan earlier this year put together an economic stimulus package totaling ¥28.1 trillion, which includes ¥7.5 trillion in real fiscal spending over the next few years, in order to overcome years of deflation and raise the economy's near-zero growth potential.
The government estimates the budgetary measures in the package totaling ¥7.5 trillion will push up the scale of real gross domestic product by about 1.3% in primary stimulative effects in a period for the rest of fiscal 2016 and the whole of fiscal 2017 ending in March 2018.
The Shanghai Composite Index was last up 1.32%, nearing the highest levels in seven months. Hong Kong's Hang Seng Index edged up 0.45%. The yuan was lower against the dollar Monday even though the People's Bank of China strengthened the fixing at 6.6430, compared with a central parity of 6.6543 on Friday.
The S&P/ASX 200 rose 0.20%.
This week, investors will await Wednesday’s minutes of the Federal Reserve’s July policy meeting for fresh clues on the timing of the next U.S. rate hike as well as U.S. inflation data.
Elsewhere, in the U.K., market participants will be looking ahead to reports on employment, consumer prices and retail sales for further indications on the continued effect that the Brexit decision is having on the economy.
Last week, U.S. stocks retreated on Friday from record-highs on Friday in quiet trade, as a bevy of dismal economic data increased the prospects for a delayed interest rate hike from the Federal Reserve, weighing on beaten down bank stocks.
The Dow Jones Industrial Average fell 37.05 or 0.20% to 18,576.47, while the S&P Composite index lost 1.74 or 0.08% to 2,184.05, both bouncing off session-lows at the close of trading.
The NASDAQ Composite index, meanwhile, edged up 4.50 or 0.09% to 5,232.90, ending the session at a record closing-high for the second straight day. Driven by a determined rally among tech stocks, the NASDAQ closed higher for a seventh consecutive week – its longest streak of sustained weekly gains since 2012. Both the Dow and the S&P 500 also closed slightly higher on the week.
On the S&P 500, six of 10 sectors closed in the red as stocks in the Basic Materials, Industrials and Telecom industries lagged, each falling by more than 0.3%. Stocks in the Energy and Consumer Services sectors led.
It came one day after all three major indices ended Thursday's session at all-time record closing highs, an occurrence which last transpired in December, 1999.