Asian Stocks close: most stocks closed higher despite the weaker-than-expected data from China and Japan

Most Asian stock closed higher and extend gains for third day. Market participants were focused on corporate earnings.

China's industrial production increased 9.0% in July, missing forecasts of a 9.1% rise, after a 9.2% gain in June.

Fixed asset investment in China rose 17% in July, missing expectations for a 17.4% gain, after a 17.3% increase in June.

New loans in local currency in China were 385.2 billion yuan in July, down from June's 1,080 billion yuan and well below expectations of 780 billion yuan. That was the lowest level since December 2009.

Retail sales in China climbed 12.2% in July, missing expectations for a 12.5% increase, after 12.4% rise in June.

Investors speculate that the government in China will add stimulus measures to support the economy.

Japan's preliminary gross domestic product dropped 1.7% in the second quarter, in line with expectations, after a 1.5% gain in the first quarter. The first quarter figure was revised down from a 1.6% rise.

The decline of GDP was driven by the tax hike in April.

On a yearly basis, Japan's preliminary gross domestic product slid 6.8% in the second quarter, after a 6.1% rise in the first quarter. The first quarter figure was revised down from a 6.7% increase.

The Bank of Japan released minutes from the BoJ's meeting on July 14 and 15. The central bank said that the country's economic recovery remains on track. The BoJ added that it will continue with the quantitative and qualitative monetary easing, aiming to achieve the inflation target of 2%.

Investors continue to monitor tensions between Russia and Ukraine. Ukraine plans to block a Russian humanitarian aid convoy.

Indexes on the close:

Nikkei 225 15,213.63 +52.32 +0.35%

Hang Seng 24,890.34 +200.93 +0.81%

Shanghai Composite 2,222.88 +1.28 +0.06%