Asian stocks surged as optimism over the debt ceiling boosted investor sentiment, with the Nikkei hitting a 33-year high.
Asian stocks saw a positive trend on Monday as investors welcomed the potential agreement among U.S. lawmakers to raise the debt ceiling and avoid a default. Japan's Nikkei index surged, approaching its highest level in 33 years, driven by improved risk appetite.
The Nikkei 225 outperformed other Asian markets, recording a 1.4% gain and reaching its highest level since July 1990. The rise was primarily attributed to strong performance in chipmaking and financial stocks, while technology shares continued to benefit from expectations of increased demand driven by artificial intelligence.
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Edited 01 Jun 2023, 10:11
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