Other Asian stocks also advanced on comments from top Democrat and Republican lawmakers that they had reached a tentative agreement to raise the U.S. spending limit, barely a week ahead of a deadline for a U.S. default. The agreement is now set to face a vote in Congress this week, although some policymakers still indicated discontent with the deal.
Still, the agreement helped settle weeks of intense negotiations, which had rattled risk driven markets with the prospect of a U.S. default. A default is expected to have dire consequences for the global economy, triggering a U.S. recession and slamming debt markets.
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