DEBORAH MARCHINI, CNN ANCHOR: In Asian trading, we saw more signs of jitters, especially about the Japanese economy. Michelle Han joins me now live from Hong Kong, with a look at how the markets in Asia fared. Hello -- Michelle.</s>MICHELLE HAN, CNN CORRESPONDENT: Deborah, good morning. Troubling economic news dominated the minds of investors in Japan. The latest government figures show shrinkage in the first quarter. Gross domestic products slid 0.2 percent from the last three months of 2000. Economists had been expecting an increase of the same magnitude. Stocks took a hit on that weak report. Tokyo's Nikkei average plunged 1.5 percent. The weak economic news out of Japan resonated in other Asian markets, especially in South Korea, when nervous investors unloaded blue chips. Traders were also jittery following a sale-off in tech stocks in the U.S. Friday. The KOSPI finished the day down just over 2.25 percent, and the tech-laden KOSDAQ slipped almost 2 percent. China played, and Hong Kong saw their recent gains come to a halt. Selling in mainland markets put pressure on the Hang Seng, sending it down almost 1 percent. Buyers were also scarce in Singapore, where property and tech stocks led the way south. Much of the selling is attributed to profit taking, following last week's run-up. The Straits Times index lost just over 1.25 percent. That's the business day here in Asia. Deborah, back to you in New York.</s>MARCHINI: Thank you, Michelle. TO ORDER A VIDEO OF THIS TRANSCRIPT, PLEASE CALL 800-CNN-NEWS OR USE OUR SECURE ONLINE ORDER FORM LOCATED AT www.fdch.com
Asian Market Update: Jitters Abound