Asia markets soared on Thursday with the Nikkei jumping close to 7 percent, as traders reassessed the economic impact of Donald Trump's victory in the U.S. presidential election.
The Nikkei 225 ended up 6.72 percent, or 1,092.88 points, at 17,344.42, as the yen weakened against the dollar, trading at 105.42 as of 2:50 pm HK/SIN. The dollar/yen had plunged to 101 levels on Wednesday.
"U.S. yields surged higher on the back of expected increased fiscal spending by Trump. This has helped the dollar rally sharply against other currencies but especially the low yielding yen and the euro," Anthony Darvall, chief market strategist at easyMarkets, said in a note on Thursday.
"A weaker yen has helped propel Japanese stocks up...completely erasing yesterday's losses."
The Australian benchmark index closed up 3.34 percent, or 172.27 points, at 5,328.8. The ASX's strength was underpinned by its energy subindex, up 3.29 percent, and the materials subindex, up 5.75 percent. The gold subindex shed 4.82 percent.
New Zealand's NZX 50 ended up 1.04 percent, or 69.51 points, at 6,733.72. Before markets opened, the Reserve Bank of New Zealand cut rates by 25 basis points to a record low of 1.75 percent. The RBNZ statement warned that "numerous uncertainties remain, particularly in respect of the international outlook, and policy may need to adjust accordingly."