Japanese markets rose sharply, with gains seen across the board following a surge in U.S. stocks at the end of last week.

The Nikkei average jumped 0.93 percent to 37,396.52 while the broader Topix index settled 1.19 percent higher at 2,748.12. Chip-related stocks climbed, with Advantest and Tokyo Electron rising 2-3 percent.

Mitsubishi Heavy Industries soared 12.2 percent, Kawasaki Heavy Industries surged 6 percent and IHI Corp added 9.7 percent on expectations that Japan may beef up its defense spending in the future.

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