Asian markets gain following Biden victory

Asian markets gain following Biden victory

Nikkei index surges 2% while Australia and South Korea also open higher

TOKYO/HONG KONG — Asian stock markets got off to a strong start on Monday after Joe Biden was declared the winner of the U.S. presidential election against President Donald Trump, lifting uncertainty surrounding the nail-biting 2020 contest.

Japan’s Nikkei Stock Average at one point surged over 600 points, or 2.6%, continuing to rise after reaching a 29-year high on Friday. The index closed up 514 points at 24,839, while the broader Topix index climbed 1.4%, with stocks rising across various sectors including information and technology, retail and electronics.

Shares for SoftBank Group jumped over 5%, while automakers also rose — Honda Motor closed up 9% and Toyota Motor gained 2%.

The U.S. dollar weakened against the Japanese yen, trading at around 103.25 yen per dollar as investors poured money into risk assets on the view that Biden’s win will lead to fewer regulatory changes and additional monetary stimulus.

China’s CSI 300 Index of the most valuable shares traded in Shanghai and Shenzhen climbed 1.1% after touching its highest level since June 2015. The index is on course for sixth straight day of gains with all the companies with the highest weighting in the index climbing.