Asian markets bounced Monday, as automakers like Toyota Motor Corp. and Hyundai Motor Co. jumped to recoup losses from the previous session, after the Bush administration said Friday it would step in to prevent a failure of U.S. automakers.
Japan's Nikkei 225 Average, which slumped 5.6% Friday, soared 4% to 8,561.22, while the broader Topix index gained 3.4% to 840.78.
The jump came even after Bank of Japan's tankan survey showed business sentiment dropped sharply, with the headline diffusion index for large manufacturers deteriorating at its fastest pace since August 1974, falling 21 points to minus 24. The reading was the worst in nearly seven years.
Australia's S&P/ASX 200 rose 3.5% to 3,633 and South Korea's Kospi jumped 3.5% to 1,141.87, while New Zealand's NZX 50 index rose 0.8% to 2,697.17.
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