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Japan’s benchmark Nikkei 225 jumped 0.9% to a record high, notching a second straight day of gains after the country’s Prime Minister Shigeru Ishiba announced his resignation Sunday. The Topix rose 0.52%.
“Investors are betting that the next leader from the ruling Liberal Democratic Party (LDP) could unleash a new wave of fiscal stimulus to bolster the economy,” XTB Investing’s senior market analyst Hani Abuagla wrote in a note.
The technology sector led gains on the index, data from LSEG showed. Shares of Tokuyama Corp and Advantest were the top movers as of 9.36 a.m. local time (8.36 p.m. ET Monday) adding around 5.58% and 5.36% respectively. Industrial and engineering company Kanadevia rose 5.28%.
The Japanese yen strengthened 0.1% to 147.38 against the greenback.
Broader Asia-Pacific markets traded mostly higher Tuesday, tracking Wall Street gains boosted by tech stocks.
South Korea’s Kospi added 0.35%, while the small-cap Kosdaq rose 0.19%.
Australia’s benchmark S&P/ASX 200 slid 0.29%.
Futures for Hong Kong’s Hang Seng index stood at 25,643, marginally higher than its last close of 25,633.91.
Overnight stateside, the three major averages closed higher. The Nasdaq Composite closed at a record high as investors geared up for a data-heavy week that includes two closely watched readings on inflation.
The tech-heavy Nasdaq finished up 0.45% at 21,798.70, a record high after hitting a new all-time intraday high in the session. The S&P 500, meanwhile, settled up 0.21% at 6,495.15, while the Dow Jones Industrial Average rose 114.09 points, or 0.25%, to close at 45,514.95.
The move higher was led by a rise in shares of chipmaker Broadcom, which gained 3%, and artificial intelligence darling Nvidia, whose almost 1% advance reversed some of its steep losses from the past month. Amazon and Microsoft were also higher.
— CNBC’s Brian Evans and Sean Conlon contributed to this report.
