Nikkei 225 soared 2.3% to 72,900 points, while KOSPI jumped 1.4%, extending recent gains and remaining close to record levels

Most Asian stocks rose on Monday, with Japanese and South Korean equities leading gains as investors weighed signs of progress in Iran-U.S. negotiations against a stronger dollar.

Markets were buoyed chiefly by gains in major technology stocks, especially chipmakers and others with exposure to the artificial intelligence trade.

Risk appetite improved after Iranian officials flagged some progress in quadrilateral peace talks held with the U.S. in Switzerland on Sunday. U.S. S&P 500 Futures trimmed some initial losses in Asian trade, following Iran’s positive comments.

Nikkei 225 soared 2.3% to 72,900 points, while the TOPIX added 1.3%, with both indexes remaining near record highs.

The Nikkei was boosted by a rally in tech and chipmaking names, after the Nikkei newspaper reported that Tokyo was targeting a 10 trillion yen ($65 billion) investment in physical artificial intelligence by 2040.

Japanese equities were also aided by continued weakness in the yen, which remained near multi-decade highs despite the Bank of Japan’s 25-basis-point rate hike last week.

KOSPI jumped 1.4%, extending recent gains and remaining close to record levels as investor appetite for technology stocks remained firm.

Technology shares continued to find support from optimism surrounding artificial intelligence-linked demand, while investors also looked ahead to South Korea’s trade data later this week for further signs of strength in the country’s export sector.

Chipmaking names in Japan also advanced on continued optimism that the sector will emerge as a clear winner from the artificial intelligence trade.

Chinese markets traded higher, with the Shanghai Shenzhen CSI 300 adding 0.7% and the Shanghai Composite advancing 0.2%, as investors looked for further signs of policy support from Beijing and monitored upcoming economic data. Hang Seng index underperformed peers, declining 0.8%.

ASX 200 slid 0.1%, lagging broader markets ahead of key inflation and labour market data due later this week.

Investors are also awaiting Taiwan industrial production figures and Singapore inflation data later this week for further direction on international markets and interest rates.