The Nikkei 225 jumped over 5%, while Taiwan’s market climbed 7%, mirroring a broader 4.7% gain for MSCI’s Asia-Pacific index. Despite the session's historic performance, the KOSPI remains on track for a 25% monthly decline—its steepest drop since the 1997 Asian financial crisis. This recovery was fueled by positive earnings reports from Amazon and Sony, which helped stabilize sentiment after a bruising week for the tech sector.
Asian Markets Rebound as Chip Stocks Surge
South Korea’s KOSPI index surged 17% on Friday, leading a blistering rally across Asian markets as investors scrambled to buy battered chipmaker shares. The bounce followed a week of volatile trading, with regional indices clawing back ground even as the Japanese yen resumed its slide against the dollar.
Currency markets remain sensitive following coordinated intervention by Japanese and Korean authorities on Thursday. The effort to bolster their respective currencies proved fleeting; the yen slid to 160.69 after the Bank of Japan opted to keep interest rates unchanged. Samsung Electronics and SK Hynix led the charge in Seoul, both soaring nearly 30% as traders looked past the recent volatility. Meanwhile, European markets opened with modest gains, with DAX and FTSE futures rising 0.4%, as the focus shifts to upcoming earnings from heavyweights like ExxonMobil, Chevron, and AbbVie.
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