Nikkei and KOSPI ripped on AI-chip demand hopes while yen strength and Hang Seng softness split the regional tape.
Nikkei 225 closed up 2.12% at 66,399.84 and KOSPI surged 4.61% to 6,995.39, both driven by memory and semicap names on optimism a new OpenAI model lifts chip demand, following Friday's US chipmaker rally. Samsung and SK Hynix jumped over 5% and 8%, SoftBank and Advantest ran hard. Hang Seng lagged, down roughly 0.15-0.85% into the close on weakness in energy and education names, while CSI 300 firmed near 0.5%. USD/JPY has cracked lower toward the mid-150s as BOJ rate-hike bets build for the September meeting, a sharp reversal from last week's highs near 160-164. USD/CNH sits stable near 7.15-7.20, yuan modestly firm.
US cash markets are shut for Labor Day, so today's tape is futures-only and thin. ES and NQ are trying to stabilize after three soft sessions, but the backdrop is uneasy: Friday's stronger jobs print pushed Fed rate-hike odds higher rather than cuts, and weekend US-Iran naval strikes have oil extending its advance, adding an inflation impulse the market didn't want. That combination — hawkish repricing plus energy-led CPI risk — is the dominant cross-asset theme heading into Thursday's CPI and next week's FOMC.
The risk: a hot CPI print combined with sustained oil strength forces a faster hawkish repricing, which would hit the same AI/semi leadership currently driving Asia higher and spill back through Nasdaq futures once US cash reopens Tuesday.