Asian shares trade higher after Wall Street rise and Japan GDP data show growth

Asian shares are trading mostly higher after the latest update on U.S. inflation came in almost exactly as economists expected, and data on Japan’s economy showed relatively healthy growth. Shares rose in Tokyo, Sydney, Hong Kong and Shanghai. Trading was closed in South Korea for a national holiday. Japan's grew at an annual rate of 3.1% in April-June. Domestic demand grew a robust 3.5% on the back of healthy household consumption and private and government investments. Exports also grew. A major element of uncertainty is now turning to the political sector, as Japan’s ruling Liberal Democratic Party picks a new leader.