Asian markets fall as Japan’s recession deepens

HONG KONG: Most Asian stock markets fell Monday, as new figures showed Japan’s economy contracted at its quickest pace in 35 years and Group of Seven finance ministers warned the global slump will drag on through most of the year.

The fourth quarter GDP numbers out of Japan, worse than many forecasts, were a sobering reminder of the toll on Asia’s export-driven economies as world demand collapses amid the worst slump in decades.

Japan’s Nikkei 225 stock average edged down 29.23 points, or 0.4percent, to 7,750.17, and Hong Kong’s Hang Seng Index dropped 118.07points, or 0.9 percent, to 13,436.60. South Korea’s Kospi lost 1.4 percent to 1,176.23. India’s benchmark dropped more than 3 percent, Australia’s stock measure eased 1.2 percent and Singapore’s index was off 0.6 percent.

Meanwhile, Shanghai’s main index jumped 3 percent as mainland stocks extended their rally in the new year. In Japan, several exporters were hurt by the data showing the economy sank deeper into recession. Shares in Toyota Motor Corp. lost 0.7 percent, while electronics heavyweight Canon Inc. slid 1.2 percent. Sony Corp. lost 1.3 percent. Also weighing on markets were declines on Wall Street last week.