TOPIX hits highest level since 1990

Tokyo's benchmark Nikkei Average briefly soared more than 500 points on Monday morning, while the broader TOPIX index also surged to its highest level since Japan's so-called "asset-bubble era" three decades ago.

Analysts say investors believe the weaker-than-expected US jobs report on Friday may make the Fed more cautious about scaling back stimulus programs.

Investors are also buying up shares on optimism that the Cabinet of Japanese Prime Minister Suga Yoshihide's successor will strengthen coronavirus measures and provide economic relief.

The rally pushed the TOPIX index to its highest level since August of 1990.