Japan's Nikkei rises more than 2% as AI-related stocks gain

Japan’s Nikkei surged more than 2% on Monday, led by chip and AI-linked shares after gains in U.S. semiconductor stocks. The Nikkei climbed 2.12% to close at 66,399.84, its highest level since August 28. The broader Topix rose 0.55% to 4,125.8. Market strategist Mamoru Shimode of Resona Asset Management said volatility eased as U.S. Treasury Secretary Scott Bessent appeared to curb bond yields and stem the yen’s fall, making it easier for investors to shift toward “risk-on” positioning. Advantest and Tokyo Electron each gained more than 4%. SoftBank Group jumped 11.22%, while memory maker Kioxia rose 9.31%. Sony slipped 2.7% and banks fell, with Mitsubishi UFJ down 1.96% and Sumitomo Mitsui down 1.51%.