Asian stocks climb as Japan’s Nikkei nears 50,000 level
Asian markets advanced on Tuesday, with Japan’s benchmark Nikkei 225 approaching the symbolic 50,000 level as conservative lawmaker Sanae Takaichi prepared to become the country’s first female prime minister.
The Nikkei was up 0.8% at 49,595.72 ahead of Takaichi’s expected election, with investors anticipating market-friendly policies such as low interest rates and increased government spending, despite her coalition’s narrow parliamentary majority, News.Az reports, citing foreign media.
The U.S. dollar rose to 151.05 yen from 150.75 yen. Analysts note that if Takaichi succeeds in slowing interest rate hikes by the Bank of Japan, the yen could remain weak against the dollar, complicating efforts to curb inflation, which is above the 2% target.
Elsewhere in Asia, Hong Kong’s Hang Seng added 1.7% to 26,286.47, the Shanghai Composite rose 1.2% to 3,910.13, South Korea’s Kospi gained 0.5% to 3,833.43, Australia’s S&P/ASX 200 climbed 0.8% to 9,099.30, and Taiwan’s Taiex increased 0.3%. Optimism over a potential U.S.-China meeting later this month has fueled hopes of easing trade tensions between the world’s two largest economies.
U.S. markets also rallied on Monday, approaching record highs. The S&P 500 climbed 1.1% to 6,735.13, within 0.3% of its all-time peak. The Dow Jones Industrial Average rose 1.1% to 46,706.58, and the Nasdaq gained 1.4% to 22,990.54. Apple surged 3.9% to a record high amid strong demand for its latest iPhone, while Cleveland-Cliffs jumped 21.5% after its CEO announced potential deals with a major global steel producer and signs of rare earth deposits in Michigan and Minnesota.
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