Asian Stocks Stumble To Open Week

U.S. Secretary of State Hillary Clinton was greeted by more evidence of an economic chill in Japan, the first stop of her weeklong diplomatic sweep through Asia. Official data showed the Japanese economy shrank at the fastest pace in over three decades in the last quarter, throwing Tokyo stocks into the red. Other Asian markets didn't fare much better, on losses among Hong Kong banks, Australian miners and other exporters.

Japan's Nikkei 225 skidded 50.07 points, or 0.6%, to 7,729.33 in early afternoon trading, as the government said the economy shrank by 3.3% in the fourth quarter, in the biggest contraction since 1974 and the country's third consecutive quarterly contraction. Analysts had expected a 3.1% dip, based on a Reuters poll. Prime Minister Taro Aso's approval rating fell to 9.7%, according to a Nippon Television poll. Another stimulus package is in the works, but investors may not harbor great hope as the administration's first stimulus plan has been stymied by a deadlocked parliament.