A report by Moody's Investor Services revealed that the Bank of Japan is emerging as the most affordable funding source for the nation's central government Reuters

Asian market investors appear to exhibit an optimistic sentiment as major indices in the region witnessed an upward trend. The election of French President Emmanuel Macron signalled that the global tide of populism could possibly recede, which could diminish the popularity of protectionist rhetoric.

Moreover, the election of South Korean President Moon Jae-in affirmed general expectations and delighted the nation's denizens. However, Moon's proposed foreign policy could lead him to clash with US President Donald Trump, leading to possible diplomatic tensions in the future.

Moon has expressed his disapproval of the US deployment of the Thaad missile defence system in South Korea, and has campaigned for a more reconciliatory approach towards North Korea. The election results caused stocks in the South Korean exchange to quickly change hands, resulting in the KOSPI decreasing by 0.56% to 2,279.97.

Oil futures have also risen in Asia today (10 May) after Saudi Arabia announced that it would cut oil supply to Asia by 7 million barrels in June. Reuters further reported that global benchmark Brent futures increased by 0.5% to $48.98 per barrel today after falling by 1.2% the previous day.

The following index quotes were logged on 6.44am BST:

Japan: Nikkei- Up by 0.27% to 19,897.12

The Bank of Japan (BoJ) board members believe that the current quantitative easing policy must be maintained in order to contend with overseas risks. Reuters reported the BoJ sentiment based on a summary from the April meeting released today.

A report by Moody's Investor Services also revealed that the BoJ is emerging as the main source of affordable funding for the Japanese central government.

Automotive firm Mitsubishi Motors Corp (+9.34%) and beleaguered electronics conglomerate Toshiba Corp (+5.84%) registered some of the strongest gains in the index.

Automobile company Subaru Corp (-3.10%) emerged as one of the index's weakest performers.
Hong Kong: Hang Seng- Up by 1.08% to 25,158.81

Hong Kong: Hang Seng- Up by 1.08% to 25,158.81

Li Ka-shing owned CK Hutchinson Holdings Ltd (+1.98%) and Cheung Kong Infrastructure Holdings (+1.39%) Ltd, along with internet giant Tencent Holdings (+1.83%) emerged as some of the index's strongest performers.

Financial services firms in general registered strong gains within the index, which included Bank of China Ltd (+1.06%), Industrial & Commercial Bank of China Ltd (+1.39%), and China Life Insurance Co Ltd (+3.17%)

Airlines company Cathay Pacific Airways Ltd (+1.08%) and resorts and casinos developer Sands China Ltd (-0.86%) were the two weakest performers in the index.

China: Shanghai Composite- Up by 0.06% to 3,082.426

The National Bureau of Statistics revealed that Consumer Price Inflation reached a three-month high after increasing by 1.2% in April from 0.9% in March. Economists expected an April increase of 1.1%. However, the trend is still far below the government target of 3% for 2017.

Producer Price Inflation cooled to 6.4% in April from 7.6% in March, the lowest increase in four months. Expectations point to a further drop in May as industrial commodity prices face a rout.

Australia: S&P/ASX- Up by 0.59% to 5,874.602

Singapore: Straits Times Index- Up by 0.40% to 3,249.97

India: Sensex- Up by 0.88% to 30,196.29