Japanese markets soared to a record high on expectations of sizeable spending from the nation's new prime minister.

The Nikkei average jumped 2.46 percent to 50,512.32, closing above the psychological threshold of 50,000 for the first time. The broader Topix index settled 1.70 percent higher at 3,325.05.

Chip-related stocks rallied ahead of earnings from the biggest U.S. technology firms, including Apple Inc. and Microsoft Corp. SoftBank Group, Advantest and Fujikura surged 7-8 percent.

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