Asian stocks surged on Friday, with the Nikkei hitting a record high on reports of a snap election in Japan. The rally was led by tech stocks, pushing the region’s benchmark index up by 1.2%. Investors are optimistic about the economic recovery and renewed government stimulus measures in the region.

Japan’s Nikkei 225 index rose 2% to hit a record high of 30,670.73, driven by expectations of a snap election in October. The index has gained more than 6% this week, marking its best performance in 10 months. The news of the election has boosted investor sentiment and confidence in the market.

In China, the Shanghai Composite index also climbed 0.7%, while Hong Kong’s Hang Seng index gained 1.3%. South Korea’s Kospi index rose 0.8%, and Australia’s S&P/ASX 200 index increased by 0.6%. The positive momentum in Asian markets was supported by strong tech stocks and hopes of a global economic recovery.

Investors are closely watching the political developments in Japan, as Prime Minister Yoshihide Suga is expected to call for a snap election in October. The move is seen as an attempt to consolidate power and secure his position as leader of the ruling party. The uncertainty surrounding the election has added volatility to the market, but investors remain optimistic about the region’s economic outlook.

Read more at Investing.com: Asia stocks rise on tech rally; Nikkei hits record high on snap election reports