Overnight

Japan's lack growth was the story overnight pushing Asian shares down slightly Monday as the world's third largest economy continues to lag based on last quarter numbers.

The Nikkei 225 fell 0.3%, Topic index dropped 0.22%, the Korean market was closed for a holiday, the Australian ASX 200 remained flat. One report noted. Before market open on Monday, data from the Japanese cabinet office showed the country's gross domestic product (GDP) was unchanged in the April-June quarter from the January-March quarter, with exports weighing. The economy, however, grew 0.2 percent on an annualized basis.

The subdued numbers will likely revive doubts over Japanese Prime Minister Shinzo Abe's efforts . In July, Abe had announced a fiscal package worth 28 trillion yen in a bid to lift Japan's moribund economy. But analysts believe the package will likely have limited impact in boosting future GDP growth.

Singapore's DBS Bank said in a Friday note, "Although the Japanese government has unveiled a fiscal stimulus package this month to invigorate growth, the actual effects could be very limited, 

CNBC reported: Last week, the government announced a stimulus package worth $278 billion in hopes of increasing GDP growth by 1.3 percent, Reuters said.

But some banks were skeptical on whether the package would be effective.

"Although the Japanese government has unveiled a fiscal stimulus package this month to invigorate growth, the actual effects could be very limited, given that fresh spending in the package is of similar size as in the previous years," DBS said in a recent note.

Monday's data reinforced hopes for more monetary stimulus. The combination of weak growth, a strong yen and moderating underlying inflation increases the pressure on the Bank of Japan (BOJ) to ease further, according to Capital Economics.