On January 1, 2011, Japan's Mount Fuji appeared on the horizon of Tokyo.
Kazuhiro Nogi | AFP | Getty Images
Asia-Pacific stocks rose on Monday, led by gains in Japan Nikkei 225 Index Stocks in the region led gains after a key U.S. inflation report late Friday raised hopes of a rate cut.
The Nikkei rose 2.02% and the Topix rose 1.52%. If the Nikkei can hold on to gains, the index will snap an eight-day losing streak.
The U.S. personal consumption expenditures price index in June rose 0.1% from the previous month and 2.5% from the same period last year, consistent with the expectations of economists surveyed by Dow Jones.
In Asia, the highlight of the week will be the Bank of Japan's monetary policy meeting starting on July 30.
ING's Notes It has said that the bank will raise interest rates by 15 basis points and reduce its bond purchase plan.
“We believe the economy is back on track to recovery after an unexpected contraction in the first quarter of 2024 and wages will rise steadily in May if central banks provide more confidence,” the analysts wrote.
Other key inflation data for the region include China's July PMI data, while Australia will release its latest inflation data ahead of the central bank's August 6 monetary policy meeting.
Korean Cospi The Kosdaq rose 0.8%, with the small-cap Kosdaq rising 0.48%.
Australia's S&P/ASX 200 index rose 0.84%.
Hongkong Hang Seng Index Index futures were at 17,126 points, lower than the Hang Seng Index's last closing point of 17,021.31 points.
On Friday, the US Dow Jones Industrial Average rose 1.64%, the S&P 500 Index rose 1.11%, and the Nasdaq Index rose 1.03%.
CFRA Research's Sam Stovall said Friday's move stemmed from oversold sentiment, Thursday's stronger-than-expected GDP report and the view that the Federal Reserve will begin cutting interest rates.
—CNBC’s Samantha Subin and Pia Singh contributed to this report.