Major markets in Asia surged on Monday following data released over the weekend that showed economic activity in China unexpectedly bouncing back in March.
The Nikkei 225 screamed higher 303.22 points, or 1.4%, to 21,509.03, as shares of index heavyweights Fast Retailing, Softbank Group and Fanuc all advanced.
In Hong Kong, the Hang Seng Index jumped 510.66 points, or 1.8%, to 29,562.02
Apple supplier Japan Display saw its stock surge 10.14 percent after the embattled company said it aimed to reach a financing agreement this week that would lead to a 60 to 80 billion yen (approx. $540 to $720 million U.S.) stock and bond issuance.
Previous reports in January had suggested that Japan Display — suffering the impact of disappointing sales for Apple's iPhone XR — was in advanced talks with an investor group from Taiwan and China to bail out the company.
The closely watched "tankan" survey by the Bank of Japan, released on Monday, had shown worsening business confidence among the country's big manufacturers in the first quarter.
Meanwhile, experts said inflation continues to be a bugbear for the Japanese central bank, where its target rate of 2% remains ever elusive.
The Japanese yen traded at 111.09 against the U.S. dollar after seeing highs below 110.0 in the previous week.
Over in South Korea, the Kospi strength as chipmaker SK Hynix saw its stock jump 3.2%
Meanwhile, Australian markets moved higher with most sectors seeing gains.
The Australian dollar — which tracks China's economic prospects with the latter being its largest trading partner — rose 0.4% to $0.7125 U.S. in the afternoon.
CHINA
The CSI 300 index surged 101.59 points, or 2.6%, to 3,973.93
Both the private Caixin/Markit Manufacturing Purchasing Managers' Index and China's official Purchasing Managers' Index (PMI) expanded unexpectedly in March, surprising analysts.
Manufacturing activity in China expanded unexpectedly in March after shrinking for three straight months, a private survey showed on Monday. The Caixin/Markit Manufacturing Purchasing Managers' Index (PMI) came in at 50.8 for March.
The official Purchasing Managers' Index, too, rose to 50.5 in March from February's three-year low of 49.2, marking the first expansion in four months, according to data released by the National Bureau of Statistics (NBS) on Sunday. The 50-mark separates growth from contraction on a monthly basis.
On the U.S.-China trade front, high-level trade negotiations between the two economic powerhouses were set to resume in Washington this week following last week's talks in Beijing.
In other markets
In Singapore, the Straits Times Index gained 37.63 points, or 1.2%, to 3,250.51
Korea’s Kospi Index hiked 27.61 points, or 1.3 %, to 2,168.28
In Taiwan, the Taiex Index nicked 1.59 points to 10,642.63
In New Zealand, the NZX 50 added 8.96 points, or 0.1%, to 9,853.92
In Australia, the ASX 200 climbed 36.23 points, or 0.6 %, to 6,216.96
