Stock market today: Asian shares track Wall Streets rally, led by a 2.4% jump in Tokyo

HONG KONG (AP) — Asian shares have tracked Wall Street’s rally, led by a 2.4% advance for Tokyo’s benchmark Nikkei 225 index powered by strong gains for semiconductor makers.

U.S. futures rose while oil prices edged higher.

Japan’s benchmark Nikkei 225 gained more than 900 points to close at 38,460.08, its highest level in a month.

Shares in computer chip company Renesas Electronics Corp. jumped 10.5%, while rival Tokyo Electronic surged 7.1%.

Investors are watching to see how Japan’s central bank and its Finance Ministry react to prolonged weakness in the yen, which has been trading at its lowest level in 34 years, at a policy meeting that begins Thursday.

“Market participants will be closely monitoring updates for any indications of how the Bank of Japan might address foreign exchange pressures during this week’s policy meeting,” Anderson Alves of ActivTrades said in a commentary.