Asian markets oscillate as Japan sales tax caps gains

Asian markets were mixed overnight ahead of a busy week data-wise, with the impact of Japan's sales tax introduced earlier this year keeping a lid on gains.

The Nikkei was up 0.4% at 15,162, while the Topix also rose 0.8% in Japan, after manufacturing data released overnight showed that industrial output rebounded in May. Industrial output rose by 0.5% in May after a 2.8% drop in April. It is forecast to drop by 0.7% in June then grow by 1.5% in July. However, this was tempered by more data which suggests the sales tax increase introduced earlier this year by Prime Minister Abe may be weighing on consumption. The success of the sales tax increase in creating growth will determine if Prime Minister Abe pushes ahead with a second sales t...