Asia shares becalmed by holidays, dire Japan data

Asian shares were quietly consolidating recent hefty gains on Monday as holidays made for thin trading, and dismal economic data out of Japan took some of the heat out of that booming market. China, South Korea, Taiwan and the United States were among the centres off, leaving currencies, commodities and bonds all becalmed. The major data of the week are not out until Friday when surveys of global manufacturing hit and the US reports gross domestic product for the fourth quarter. Median forecasts are for annualised growth of 3.0%, down from 4.4% the previous quarter but still solid. Japan on Monday reported its economy grew a miserly 0.1% annualised in the December quarter, far below the 1.6% gain forecast as government spending dragged on activity. The disappointing figures underline the tough task ahead for Prime Minister Sanae Takaichi and should support her push for more aggressive fiscal stimulus.