Japanese markets led regional gains while the yen fell sharply due to political uncertainty after Prime Minister Shigeru Ishiba stepped down Sunday under mounting pressure from the LDP following a significant defeat in the upper house elections.

The Nikkei average jumped 1.45 percent to 43,643.81 on growing hopes for economic measures that may be implemented under the next administration.

Investors also cheered data that showed Japan's economy expanded much faster than initially estimated in the second quarter, driven by upward revisions in private consumption and inventories. The broader Topix index settled 1.06 percent higher at 3,138.20.

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