Asian stocks rallied on Monday as coronavirus deaths slow

Asian stocks rallied on Monday, as investors welcomed signs that measures to contain the coronavirus pandemic were starting to bear fruit in some of the worst affected countries.

Japan’s benchmark Topix added 3.9 per cent on Monday, while South Korea’s Kospi rose by the same amount and has entered the technical definition of a bull market, up more than 20 per cent from its mid-March lows.

Australia’s S&P/ASX 200 gained 4.3 per cent, while Hong Kong’s Hang Seng was up 2.3 per cent. Markets in mainland China were shut for a public holiday.

The yen dropped as haven demand receded. Shares in Hong Kong rose while Shanghai was closed for a holiday.