The Nikkei 225 and TOPIX indexes added 1.5% and 0.9%, respectively, after declining from record highs on Friday

Asian stocks were mixed on Monday, with Japanese shares rebounding sharply from prior losses despite a hawkish Bank of Japan, while gains in heavyweight chipmakers lifted South Korean markets.

Chinese stocks lagged, while profit-taking in major internet stocks weighed on Hong Kong shares, even as the country’s chipmaking stocks still remained in favour.

The Nikkei 225 and TOPIX indexes added 1.5% and 0.9%, respectively, after declining from record highs on Friday.

Losses in Japanese markets were spurred chiefly by the Bank of Japan, which kept interest rates unchanged on Friday, but signalled plans to begin offloading its massive holdings of exchange-traded funds.

The BOJ’s move represents some more monetary tightening, and also heralds selling pressure on stocks most exposed to its ETF holdings, which come largely from the tech and chipmaking sectors.

Still, losses in Japanese markets were stemmed by the BOJ’s planned annual sales representing only a small portion of its overall ETF holdings. BOJ Governor Kazuo Ueda also struck a largely moderate tone on Friday, and did not commit to any potential interest rate hikes.

South Korean stocks also outperformed most of their Asian peers on Monday, with the KOSPI gaining 0.9%.

Samsung Electronics Co Ltd was a boost to the index, rallying as much as 5% after a host of reports said the company will supply advanced memory chips to NVIDIA Corporation.

Broader Asian markets were mixed. Hang Seng index dropped for a third straight session from a four-year high, amid sustained profit-taking in tech names.

Shanghai Shenzhen CSI 300 and Shanghai Composite indexes were flat, showing little reaction to the People’s Bank of China leaving its benchmark loan prime rate unchanged as expected.

ASX 200 gained 0.4%, while Straits Times index was flat.