Asian chip stocks rose on Tuesday after Nvidia closed at a record high overnight as the chip company continues to ride the massive artificial intelligence wave.

Stocks tied to Nvidia suppliers as well as other chip companies advanced as the bullish investor sentiment spilled over. Shares of South Korean chipmaker SK Hynix, which manufacturers high bandwidth memory chips for AI applications, for Nvidia surged 2.5%.

Samsung Electronics, which is expected to be manufacturing HBM chips for some Nvidia products, saw its shares rise 0.5%.

Shares of Taiwan Semiconductor Manufacturing Company and Hon Hai Precision Industry — known internationally as Foxconn — which are part of the Nvidia supply chain, jumped about 2% and 2.5%, respectively.

Japanese semiconductor manufacturing firm Tokyo Electron surged 5%, testing equipment supplier Advantest gained 3.6% and Renesas Electronics rose over 4%.

Japanese technology conglomerate SoftBank Group, which owns a stake in chip designer Arm, jumped as much as 6.4%.

BEIJING — China’s Minister of Finance Lan Fo’an told reporters Saturday during a highly anticipated press briefing that the central government has room to increase debt and the deficit.

He emphasized that the space for a deficit increase is “rather large,” but noted such policies are still under discussion, according to CNBC’s translation of the Chinese.

Economists have insisted that China needs additional fiscal support, but Beijing has yet to announce any. In the days leading up to the briefing, many investors and analysts had hoped that China was gearing up to unveil a major new stimulus package.

Lan signaled that the weekend briefing was not the end, that more stimulus is on the way and that the debt or deficit changes markets have been waiting for could come in the near future. It remains unclear whether the size of any such stimulus would meet market expectations, or how much would go directly towards consumption or real estate.

“These policies are in the right direction,” Zhiwei Zhang, president and chief economist at Pinpoint Asset Management, said in a note Saturday. He added that more details are needed to evaluate the impact of such policies on the macro outlook, and “this will be the focus of the market in [the] coming months.”

The finance ministry on Saturday also outlined policy measures focused on addressing local government debt problems, stabilizing real estate and supporting employment.

On real estate, the finance ministry will allow local governments to use special bonds for land purchases and allow affordable housing subsidies to be used for existing housing inventory, instead of only new construction, Vice Minister of Finance Liao Min said at the same press conference, according to CNBC’s translation of the Chinese.

He added that authorities were considering plans to reduce real estate-related taxes. He did not name specific figures and noted supporting real estate required multiple policies.

In a meeting in late September, led by Chinese President Xi Jinping, authorities had called for strengthening monetary and fiscal policy support. But they did not lay out the details.

Analyst projections for how much fiscal stimulus is needed range from around 2 trillion yuan ($283.1 billion) to more than 10 trillion yuan.

Ting Lu, chief China economist at Nomura, had cautioned in a note Thursday that any such stimulus would typically need approval by China’s parliament, expected to hold a meeting later this month. He added that how any funds are used is just as important as the amount that’s delivered — whether they only go to shoring up struggling local government finances or focus on boosting consumption.

China’s retail sales grew only modestly over the last few months, and the country’s real estate slump has shown few signs of turning around.

GDP rose by 5% in the first half of the year, sparking concerns that China could miss its full-year target of around 5%. All eyes are now on Oct. 18, when the National Bureau of Statistics is scheduled to release third-quarter GDP.

Bruce Pang, chief economist and head of research for Greater China at JLL, said he is watching for more details to be announced at a parliamentary meeting later this month. He added “it would be reasonable and practical” to keep some dry powder in the event of unexpected shocks.

After markets reopened Tuesday following a weeklong holiday, mainland Chinese stocks became volatile throughout the week, as a stimulus-fueled rally lost stream. The declines took major indexes back to levels seen in late September.

Stocks had climbed then — the CSI 300 saw its best week since 2008 — as major policy announcements signaled that the Chinese government was finally stepping in to stimulate slowing growth.

Just days after the Federal Reserve began its easing cycle, the People’s Bank of China cut a few of its interest rates and extended existing real estate support measures by two years. The PBOC also launched a roughly $71 billion program allowing institutional investors to borrow funds for stock investing.

The National Development and Reform Commission, the top economic planning agency, pledged in a rare press conference Tuesday to speed up use of 200 billion yuan originally allocated for next year, mostly for investment projects. The NDRC did not announce additional stimulus.

Saturday is a working day in China, but markets are closed.

SINGAPORE — Chinese markets skyrocketed over 10% at the open Tuesday, after coming back from the Golden Week holiday as the rally from Beijing’s stimulus measures continued.

The CSI 300 index was up 10.2% in early deals, before paring some gains to record a rise of about 7.5%, but Hong Kong’s Hang Seng index plummeted over 6%.

Other Asia-Pacific markets mostly fell on Tuesday, with investors watching August pay and spending data out from Japan.

Household spending in Japan fell 1.9% year-on-year in August in real terms, a softer fall compared to the 2.6% decline expected by a Reuters poll of economists.

The drop is the fastest pace of decline since January, which saw a 6.3% fall year-on-year. That decline also came before spring wage negotiations delivered the largest pay hikes to unionized Japanese workers in 33 years.

However, real wages rose in August, with data from the country’s statistics bureau indicating that wages climbed 2% to an average of 574,334 yen ($3,877.44).

Overnight in the U.S., stocks slid as rising oil prices and higher Treasury yields weighed on market sentiment.

The Dow Jones Industrial Average dropped 0.94%, while the S&P 500 slid 0.96%. The Nasdaq Composite  saw the largest loss, falling 1.18%.

The benchmark 10-year Treasury yield rose to 4.02%, marking the first time since August that the yield topped 4%.

Oil prices also rose as tensions in the Middle East remain high. U.S. crude climbed more than 3% to settle above $77 per barrel.

— CNBC’s Lisa Kailai Han and Jesse Pound contributed to this report.

Japan’s ruling party election has entered a runoff between economic security minister Sanae Takaichi and former defense minister Shigeru Ishiba to decide the presumptive next leader of the nation.

The two candidates secured the most votes in a poll earlier Friday, but failed to win a simple majority amid a crowded field. The contest had featured a record nine candidates and now will result in either Japan’s first female premier or see a seasoned politician finally assume the post.

Outgoing Prime Minister Fumio Kishida had thrown the Liberal Democratic Party for a loop when he announced in August that he would not be running for its top office, effectively ending his three-year term. 

The winner of the LDP poll is expected to be approved as prime minister in a vote by parliament on Oct. 1 and will inherit a government marked by a corruption scandal and an economy in transition. The party has a majority in both chambers of the legislature, effectively ensuring its chief becomes the next prime minister.

Polls had suggested that the favorites in the election included ex-environment minister Shinjiro Koizumi alongside Takaichi and Ishiba. However, the politician, who was vying to be Japan’s youngest ever prime minister, was unable to secure enough votes to advance to the next round.

Ishiba, 67, is running for the post for a fifth time and has endorsed the Bank of Japan’s policy of steadily raising interest rates and voiced concerns about depreciation of the yen. He has also called for the establishment of an Asian NATO to deter threats from China and North Korea.

Takaichi, 63, was one of two women in the race and has argued that Japan’s economy needs more fiscal stimulus and to strengthen in fields including diplomacy and defense. Unlike Ishiba, she has warned against the BOJ raising interest rates further.

Japan’s new leader will have to steer the country through a precarious economic and political period.

Challenges facing the country include its transition from three decades of stagnation, mounting diplomatic and security challenges posed by China and a potential second Trump term in the U.S., and a demographic crisis as the country rapidly ages.