Tokyo Stocks Surge Following LDP Leadership Reshuffle
(MENAFN) Tokyo's stock market extended its upward momentum on Monday, fueled by expectations that the next leader of the Liberal Democratic Party (LDP) could pursue more expansive fiscal measures, following the resignation announcement of Prime Minister Shigeru Ishiba.
The Nikkei Stock Average surged by 625.06 points, or 1.45%, closing at 43,643.81, continuing its rally from the prior session.
Futures buying played a key role in driving the market higher, with the index briefly surpassing its Aug. 18 record of 43,714 at one point, climbing by more than 800 points.
The broader TOPIX index also saw gains for the third consecutive day, rising by 32.89 points, or 1.06%, to reach 3,138.20.
Stocks tied to defense contractors, such as Mitsubishi Heavy Industries, benefitted from growing expectations of increased defense spending. Meanwhile, real estate firms like Mitsui Fudosan saw a boost amid speculation that political instability might delay potential rate hikes by the Bank of Japan. On the other hand, banking stocks saw a decline.
On the Tokyo Stock Exchange Prime Market, there were 1,258 advancers, 289 decliners, and 72 stocks unchanged.
The Nikkei Stock Average surged by 625.06 points, or 1.45%, closing at 43,643.81, continuing its rally from the prior session.
Futures buying played a key role in driving the market higher, with the index briefly surpassing its Aug. 18 record of 43,714 at one point, climbing by more than 800 points.
The broader TOPIX index also saw gains for the third consecutive day, rising by 32.89 points, or 1.06%, to reach 3,138.20.
Stocks tied to defense contractors, such as Mitsubishi Heavy Industries, benefitted from growing expectations of increased defense spending. Meanwhile, real estate firms like Mitsui Fudosan saw a boost amid speculation that political instability might delay potential rate hikes by the Bank of Japan. On the other hand, banking stocks saw a decline.
On the Tokyo Stock Exchange Prime Market, there were 1,258 advancers, 289 decliners, and 72 stocks unchanged.
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