Tokyo Stocks Surge, Dollar Steady Versus Yen
Stocks were up sharply in Tokyo on Monday after Joe Biden's victory in the US presidential election ended the uncertainty during the vote count.
The benchmark Nikkei Average ended the morning session at 24,799, up 473 points or 1.95 percent compared to Friday's close. The Nikkei extended its gain this month to about 8 percent and is at the highest level in 29 years.
The bullish mood extended to other Asian markets. Benchmarks in Hong Kong, Shanghai, Singapore, and Seoul were up around 1 percent in early trading.
In the currency markets, the dollar traded in a tight range against the yen, after a recent slide.
Sources say that investors had recently sold the greenback due to uncertainty over the outcome of the US election, but with Biden's victory, they say there has been no more major dollar-selling.
