British News Agency

The gains on the Nikkei were powered by financials and consumer cyclical stocks, with names like Mizuho Financial Group and Mitsubishi UFJ Financial Group among the top gainers on the index.

Separately, shares of video gaming company Nintendo climbed over 3.8 percent on Monday after Saudi Arabia’s sovereign wealth fund was reported to be considering raising its stake in the company and other Japanese gaming counterparts.

The yen strengthened 0.16 percent to trade at 148.46 after hitting its weakest level two months earlier in the session. The dollar gained after a strong U.S. jobs report on Friday reduced expectations that the Federal Reserve would need another 50-basis-point rate cut.

The yen has also been under pressure after new Japanese Prime Minister Shigeru Ishiba said he doesn’t “think the environment is ready for an additional rate hike” from the Bank of Japan.

Three central banks—the Bank of Korea, the Reserve Bank of New Zealand, and the Reserve Bank of India—are set to release their interest rate decisions this week.

South Korea’s Kospi reversed losses and rose 0.98 percent, while the small-cap Kosdaq was up 1.3 percent. Australia’s S&P/ASX 200 rose 0.46 percent, with lithium stocks in Australia rallying after Rio Tinto expressed interest in acquiring U.S. lithium producer Arcadium. 

Hong Kong Hang Seng index climbed 1.14 percent, while mainland China’s markets remained closed for the Golden Week holiday and will return to trade on Tuesday.