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Despite lingering uncertainties surrounding the strength of the global recovery, Sawada said, "We feel that the region's economies are well-placed to face potential shocks to the outlook."

Delegates from more than 120 countries and more than 200 leaders have confirmed their plans to attend the meeting, Guo Yezhou, vice-minister of the International Department of the Communist Party of China Central Committee, told a news conference on Friday.

Department store operator Kohl's Corp shed 10.9 percent after its full-year profit forecast fell below expectations.

Despite improvement last month, the profit decline in Q1 remained relatively steep due to factors including mounting stockpile, falling factory-gate prices, rising costs as well as market demand, which has yet to fully recover from COVID-19 impact, said Zhang.

Despite opposition from business groups and trading partners around the world, US President Donald Trump on March 8 signed proclamations to impose a 25-percent tariff on imported steel and a 10-percent tariff on aluminum.