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Asian stock markets bounced back strongly in early Thursday trading, following Donald Trump’s victory speech. Media stocks were also up, but less than market averages.

The markets’ upward trend reflected the earlier direction of trading on U.S. and European equity markets on Wednesday. Bloomberg said that after the initial shock of his win, markets were reassessing the Trump victory and perceived him to be largely business friendly. Other analysts said that the Wednesday falls reflected investors unwinding of short term bets as their expectations of the presidential race were confounded.

The MSCI Asia Pacific Index increased 2.3% to 136.49 by 9 a.m. Hong Kong time. The index had fallen 3.2% on Wednesday, which had been the biggest fall since the U.K.’s Brexit vote.

Japanese markets led the way up. The Nikkei 225 index was up 5.7% by mid-morning Thursday, regaining almost all of the ground lost on Wednesday. At the end of Thursday trading Sony (which also trades in ADR for in New York) was up 6.09% at JPY3,207 per share.

Australia’s ASX all share index was up 2.79% by midday local time, Taiwan’s TAIEX index was up 2.36% in first trades. Hong Kong’s Hang Seng Index up 1.99% and South Korea’s KOSPI was up 1.66%.

China’s often volatile stock markets reacted more calmly. The CSI 300 climbed a more modest 1.35% on Thursday, having lost 0.68% on Wednesday.

Recently floated China Film Co. was up 0.74% at RMB29.82, Huayi Brothers was unchanged at RMB12.38, Wanda Cinema Line was up 1.32% at RMB69.7.

Japanese media stocks staged a more excited recovery. Toei was up 4.36% by 11am local time, Toho was up 3.49% and Shochiku was up 1.57%.