Japan’s benchmark Nikkei 225 Stock Average surged 2 per cent on Monday after the government reported the nation’s economy grew at an annualized rate of 21.4 per cent in the July-to-September period, marking the first period of growth in four quarters following a historic recession.
The Nikkei added 521.06 points, or 2.05 per cent, to close at 25,906.93, hitting a fresh 29-year-high.
The broader Topix index rose 28.59 points, or 1.68 per cent, to end at 1,731.81.
The economy rebounded strongly as business activities restarted despite the coronavirus pandemic following a month-long coronavirus state of emergency in May.
The economy shrank a record annualized 28.8 per cent in the second quarter as it was hit hard by the Covid-19 pandemic and a consumption tax increase last year.
Other markets in Asia also posted strong gains.South Korea’s benchmark Kospi Index climbed 49.16 points, or 1.97 per cent, to close at 2,543.03.
The Taiwan Stock Exchange gained 278.5 points, or 2.1 per cent, to 13,551.83 on the day.