Stock markets in Japan and South Korea rose Monday morning as investors brushed off Pyongyang's missile launch, and after record gains on overseas bourses.

The short-range projectile flew for several minutes before landing in the Sea of Japan (East Sea) -- the latest in a series of launches that have ratcheted up tensions over the North's bid to develop weapons capable of hitting the United States.

The political reaction in Asia was swift as Japan's Prime Minister Shinzo Abe condemned the Monday launch and vowed "concrete action" with the US.

South Korea's new president, Moon Jae-In, ordered a meeting of the national security council to assess the provocation.

Both Japan and South Korea are the most immediately threatened by Pyongyang's provocations.

But most Asia-Pacific stock markets took the launch in their stride, with Tokyo's benchmark Nikkei 225 index ending the morning session 0.16 percent higher.

South Korea's Kospi index was heading for a fresh record, trading 0.41 percent higher, while Hong Kong ticked up 0.06 percent and Sydney slipped 0.36 percent.

Financial markets in mainland China and Taiwan are closed on Monday for a public holiday.

Oil prices have stabilized after plunging last week when investors reacted negatively to an OPEC decision leaving crude production limits unchanged.