Asian shares higher as Japan says economy shrank in 3Q

By ELAINE KURTENBACH
AP Business Writer

Shares are mostly higher in Asia as plans for stimulus in Japan overshadowed news that its economy contracted in the last quarter. Investors are awaiting the outcome of a virtual meeting between President Joe Biden and Chinese President Xi Jinping. Benchmarks rose in Tokyo, Seoul and Hong Kong but fell in Shanghai. Japan reported that its economy contracted in the July-September quarter amid tighter pandemic restrictions that hit consumer spending. China reported a mixed bag of data, with stronger retail sales and factory output but weaker housing prices and investments in fixed assets. On Friday, stocks closed higher on Wall Street but the market still ended the week lower.