Shanghai-listed shares rebounded strongly Monday to lead a regionwide rally, after the Chinese market regulator approved the launch of two new stock funds for the first time in several months, triggering heavy buying in beaten-down resource stocks such as Jiangxi Copper Co. and PetroChina Co.
Hong Kong's Hang Seng index jumped more than 3 percent, and Japan's Nikkei 225 index rose 2.7 percent to close at 13,859.70 points.
In Tokyo, Yahoo Japan shares shot up 9.5 percent, while Softbank Corp., which owns part of Yahoo Japan, surged 16 percent. Japanese bank, brokerage and real estate issues also advanced.
Shares of Yahoo Japan Corp., in which Yahoo holds 33.4%, jumped 9.5% in the wake of Microsoft's takeover approach for Yahoo at a 62% premium. Shares of Softbank Corp., the single largest shareholder in the Japanese Internet company with a 41% stake, also soared 15.8%.
China's Shanghai Composite advanced 8.1% to 4,672.17 to lead the region, after the stock market regulator Friday approved two stock funds to raise up to 14 billion yuan ($1.95 billion).
Elsewhere:
Australia's S&P/ASX 200 gained 0.4% at 5,867.40, after rising as high as 6,022 at one point during the session.
New Zealand's NZX 50 index climbed 0.1% to 3,711.73.
South Korea's Kospi gained 3.4% to 1,690.13.
with files from other services
