Comeback in Asia

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Asian markets kicked off the week in grand style, reports Money Daily, with both the Tokyo and Hong Kong exchanges posting sizable gains.

The Nikkei 225 index staged a dramatic turnaround from Friday's 2.2 percent loss, coming back Monday with a surge of 1200.80 points, or 8 percent, to close at 16283.32. Hong Kong's Hang Seng index leapt 462.42 points, or 4.6 percent, to 10419.75, following up on Friday's 236.55-point gain.

Japan's markets were influenced by news early Monday that ailing Hokkaido Takushoku Bank had been allowed to fail, and that its operations would be transferred to a regional institution, North Pacific Bank, as part of a plan set up by the Finance Ministry. Investors took this as a sign that authorities were at last taking active steps to help Japan's troubled financial sector.