Tokyo Stocks Extend Gains Amid Japan's Ruling Party Election

9/27/2024 7:00:16 AM

(MENAFN- IANS) Tokyo, Sep 27 (IANS) Tokyo Stocks continued their upward trend on Friday as the country's ruling party held an election for a new leader to succeed outgoing Fumio Kishida.

Japan's benchmark NIKKEI stock index, the 225-issue Nikkei Stock Average, jumped 2.32 per cent, or 903.93 points, to close at 39,829.56, marking the first time in almost two months to surpass the 39,000 threshold, Xinhua news agency reported.

Lawmakers from Japan's ruling Liberal Democratic Party (LDP) started voting for a new leader on Friday afternoon and the market has betted on female hopeful Economic Security Minister Sanae Takaichi to win, expecting her to adopt pro-growth economic policies if chosen.

The voting results came after the market closed, with former Defense Minister Shigeru Ishiba elected the party chief in a runoff against Takaichi.

The yen's depreciation, dropping to the 146-yen range against the US dollar, attracted foreign speculative buyers to Nikkei futures, further bolstering the market. Export-related stocks saw significant gains due to the weaker yen.

The broader Topix index also rose on Friday, closing 19.82 points higher, or 0.73 per cent, at 2,740.94.

On the top-tier Prime Market, declining issues outnumbered advancers by 928 to 642, with 31 issues remaining unchanged.

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