Asian Market Update

Asian markets mostly fell on Monday with Tokyo tumbling almost two percent after data showed Japan's economy had slipped into recession, while Hong Kong and Shanghai were mixed on the first day of a landmark link-up between the two indexes.

A day after heads of the Group of 20 pledged to boost the global economy by US$2 trillion in four years, Tokyo authorities said Japan had contracted for a second straight month, fuelling expectations of a snap election and the delay of a planned sales tax hike.

Tokyo, which has surged more than 10 per cent this month, sank 1.92 per cent and Sydney fell 0.56 per cent, while Hong Kong lost 0.14 per cent and Shanghai put on 0.11 per cent. Seoul was 0.10 per cent lower.