Japan’s Nikkei surges to record after LDP election win
Japan’s benchmark Nikkei Stock Average surged more than 5 percent early Monday, briefly topping the 57,000 mark for the first time, after the ruling Liberal Democratic Party secured a landslide victory in the House of Representatives election.
At 9:35 a.m., the 225-issue Nikkei Stock Average was up 2,721.69 points, or 5.02 percent, from Friday at 56,975.37, News.Az reports, citing Kyodo.
The broader Topix index climbed 116.38 points, or 3.15 percent, to 3,815.38, also marking a new intraday record high.
On the top-tier Prime Market, shares of nonferrous metal producers, real estate firms and precision instrument makers led the gains.
In currency markets, the U.S. dollar briefly strengthened to the upper 157 yen range early Monday as the Japanese yen weakened amid concerns over Japan’s deteriorating fiscal outlook. The selloff in the yen reflected expectations of expansionary fiscal policies under Prime Minister Sanae Takaichi.
At 9 a.m., the dollar traded at 157.25–27 yen, compared with 157.15–25 yen in New York and 156.88–90 yen in Tokyo at 5 p.m. on Friday.
The euro was quoted at $1.1826–1827 and 185.96–186.00 yen, versus $1.1809–1819 and 185.74–84 yen in New York and $1.1791–1792 and 184.98–185.02 yen in Tokyo late Friday afternoon.
News.Az
By Nijat Babayev
