Japan key stock index surges to record high
Japan's key stock index closed at a record high on Monday, following former economic security minister Sanae Takaichi's victory in the ruling Liberal Democratic Party (LDP) leadership election over the weekend, News.Az reports citing CNBC.
The benchmark Nikkei stock index, the 225-issue Nikkei Stock Average, soared 2,175.26 points, or 4.75 percent, to close at a record 47,944.76.
The strong rally marked the biggest gain since April 10, when the index rebounded sharply after the temporary suspension of U.S. reciprocal tariffs.
Expectations of expansionary fiscal policies under Takaichi's new administration prompted foreign investors to buy stock index futures, fueling a broad market rally. Shares linked to Takaichi's policy agenda also attracted strong buying.
The broader Topix index also extended gains, climbing 96.89 points, or 3.10 percent, to a record 3,226.06.
On the Tokyo Stock Exchange Prime Market, advancers numbered 1,469, accounting for about 90 percent of listed issues, while 119 declined and 28 were unchanged.
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