Japan's Topix hits seven-month high on tech-heavy Nasdaq rebound

Japan's Topix Index on Monday jumped the most in seven months, as a pause in sell-offs in US treasuries boosted the tech-heavy Nasdaq index and lifted domestic shares of chipmakers.

The Topix Index jumped 2.04 per cent to 1,894.94, the largest gain since Aug. 11, 2020, while the the Nikkei share average advanced 2.41 per cent to 29,663.50, the biggest gain since Dec. 29.

Shares on Monday bounced back following their worst drop in almost a year last week after a spike in global bond yields spooked investors already uneasy about the market's stretched valuation.

"The Nikkei will reclaim the 30,000 level sooner