Asian shares hit a one-year high on Monday after disappointing U.S. economic growth data reduced expectations that the U.S. Federal Reserve will raise interest rates in the next few months.
MSCI's broadest index of Asia-Pacific shares outside Japan .MIAPJ0000PUS rose 1.1 percent, hitting its highest level in about a year.
Japan's Nikkei share average erased earlier losses and edged up on Monday as a surge in the yen slowed. The Nikkei gained 0.4 percent to 16,635.77 points, after falling to as low as 16,319.15.
China stocks fell to a near one-month closing low on Monday as investor sentiment was hit by regulators' crackdown on speculation as well as a fresh wave of initial public offerings (IPOs).
The blue-chip CSI300 index fell 0.8 percent to 3,176.81 points, while the Shanghai Composite Index lost 0.9 percent to 2,953.3
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