The Nikkei 225 soared 1.7%, the TOPIX added 1%, ASX 200 soared 0.9% to 8,327.60 points and KOSPI gained 0.2%
Most Asian stocks gained on Tuesday, while Chinese stocks dropped amid fading optimism over new fiscal stimulus.
Chinese markets lagged their peers following weak inflation and trade data released over the last two days. The announcement of new fiscal stimulus measures from Beijing also provided only fleeting support, given that the government left investors wanting of some details.
Japanese shares were the best performers in Asia as they clocked strong gains after a long weekend.
The Nikkei 225 soared 1.7% and crossed 40,000 points for the first time since mid-July, while the TOPIX added 1%.
Sentiment towards Japanese markets was also buoyed by reports that Tokyo Metro raised $2.3 billion in the country’s biggest IPO in six years.
Australia’s ASX 200 soared 0.9% to a record high of 8,327.60 points, with major miners BHP Group Ltd and Rio Tinto Ltd adding more than 1% each before their quarterly production reports, which are due later in the week.
Australian markets benefited from a global push into economically sensitive sectors, which are expected to benefit as interest rates drop.
Among wider Asian markets, South Korea’s KOSPI gained 0.2%, while futures for India’s Nifty 50 index pointed to a mildly negative open. Still, the Nifty managed to close above 25,000 points on Monday.
China’s Shanghai Shenzhen CSI 300 and Shanghai Composite indexes moved in a flat-to-low range on Tuesday, while Hong Kong’s Hang Seng index declined 0.5%.
Chinese markets clocked strong gains on Monday as investors cheered the prospect of more stimulus in the country, particularly after the Ministry of Finance (MoF) outlined plans for fiscal stimulus in a recent briefing.
But the MoF still left out details on its plans, especially the scope and timing of the planned fiscal measures. A lack of direct support for private consumption also disappointed investors.
Weak economic figures from China also dented sentiment. Data on Monday showed China’s trade balance grew less than expected as export growth slowed sharply. Earlier data showed Chinese disinflation remained squarely in play.