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"An improving U.S. economy doesn't necessarily mean we're firmly in a recovery"
- Lee King Fuei, fund manager at Schroders Plc
Japanese banks were closed on Monday in observance of Coming-of-Age Day.
Japanese stocks dropped on Friday as pessimism over Europe's economic prospects outweighed strong data from U.S. The Nikkei 225 lost 1.16%, or 98.36 points, to 8,390.35, while the broader Topix shed 0.91%, or 6.68, to 729.60.
"An improving U.S. economy doesn't necessarily mean we're firmly in a recovery," said Lee King Fuei, a Singapore-based fund manager at Schroders Plc, which oversees about $326 billion of assets globally.
"The question is how sustainable that will be. Europe remains a risk. We'll probably see more pain before we see a resolution."