Stocks plunged more than four percent in Tokyo on Monday after the yen surged in reaction to Shigeru Ishiba's election last week as the head of Japan's ruling party, which boosted expectations the Bank of Japan will continue hiking interest rates.

Shares in Hong Kong and mainland China rocketed Monday, extending last week's surge after Chinese authorities unveiled a raft of measures aimed at kickstarting the world's number two economy. The euphoria in China and Hong Kong was in stark contrast to Tokyo,