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Japan's economy shrank slightly in the final quarter of 2010. GDP was down a less-than-expected 0.3 percent from the previous quarter, hurt by an expiry of government incentives for car purchases and a slowdown in exports. It was the first contraction in five quarters, and translated into an annualized contraction of 1.1 percent.
The latest GDP figures also confirmed that China overtook Japan as the world's second-largest economy in 2010 on a seasonally unadjusted, nominal dollar basis, at $5.8786 trillion against $5.4742 trillion.
Shippers outperformed, with Mitsui OSK Lines gaining 3.8 percent. Construction equipment stocks were also strong, with Komatsu and Hitachi Construction Machinery gaining.
Seoul shares gained 1.9 percent on Monday after substantial falls in the previous session, helped by rallies in key blue chip technology counters including Samsung Electronics.
Samsung Electronics jumped 4.2 percent, breaking a five-session losing streak following the launch of its new Galaxy Tab and Nokia'sbelated attempts to catch up in the smartphone market.
Other technology plays also advanced. LG Electronics rallied 4.7 percent and Hynix Semiconductor rose 3.1 percent.
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