Asian Stocks Strengthen, Japan’s Economy Contracts in First Quarter of 2021

Market News

Asia -Pacific stock counters today opened on a positive performance as they strengthened despite Japanese economic data recording a contraction in the first quarter of 2021.

In Japan, the Nikkei 225 stock index rose 0.89% in early trading today while the Topix stock index registered a 0.66% improvement. The Japanese economy is reported to shrink 5.1% in the first quarter of 2021.

This economic contraction occurred as a result of the re-emergence of the Covid-19 pandemic in Japan and had a major impact on the economic growth of the country of the rising sun.

In South Korea, the country's index, South Korea Kospi, recorded a strengthening of 0.55%. The Australian stock index, ASX 200 rose 0.32%. Meanwhile, Bursa Malaysia also recorded a positive increase in today's trading session when it rose by 1.50 points.

In connection with the Covid-19 pandemic situation, the World Health Organization (WHO) warned the global of the situation during the outbreak of the epidemic which is re-emerging and spreading aggressively in some Asian countries such as India.