Japanese markets gain sharply

Japanese markets rose sharply as the country reported progress in its fifth round of trade talks with the United States and revised data showed the economy contracted slightly less than initially estimated in the first quarter.

The Nikkei average jumped 0.92 percent to 38,088.57 while the broader Topix index settled 0.58 percent higher at 2,785.41. Chip stocks rallied ahead of U.S.-China talks, with Advantest surging nearly 5 percent.

Japan's gross domestic product was unchanged on a seasonally adjusted quarterly basis from the previous quarter, the Cabinet Office said on Monday. On an annualized basis, GDP was down 0.2 percent.