Taiwan's benchmark index rose as much as 6.6% intraday—its biggest one-day gain
since July—and closed nearly 5% higher. TSMC, which accounts for roughly 40% of
the index's weighting, climbed more than 7% intraday as investors rotated back
into tech after last week's AI-related sell-off; semiconductor names led gains
across East Asia. Currencies were more subdued: the South Korean won
outperformed, strengthening to 1,356.20 per USD. Mitsubishi UFJ Financial Group
analysts said Asian FX is increasingly driven by the global tech cycle and
cross-border portfolio flows, with the won especially sensitive to semiconductor
performance. Philippine assets came under pressure after data showed economic
growth slowed for a fifth consecutive quarter. Indonesian equities gained about
1% but were capped by investor concern over continued inclusion in the MSCI
Emerging Markets index; the rupiah weakened to 18,105 per USD, near this year's
low of 18,190.
