Asian markets were volatile at the start of the week, with Tokyo's Nikkei 225 falling nearly 5 per cent, while Chinese markets soared on news of more economic stimulus. In Japan, shares fell after the ruling Liberal Democratic Party named former Defence Minister Shigeru Ishiba as the next Prime Minister, following Fumio Kishida, reported Associated Press. 

According to the report, Ishiba has shown support for hiking interest rates and possibly boosting corporation taxes, which are considered less market-friendly than his opponent, Economic Security Minister Sanae Takaichi. At midday Monday, the Nikkei was down 4.7 per cent, trading at 37,956.32.