Nikkei surges to record after Takaichi elected ruling party leader

Dilaram Dhakal
National Press Corporation(NPC),UK
Tokyo, Monday — Japan’s benchmark Nikkei 225 index surged more than 4% on Monday morning, hitting an all-time high above 47,000 points, after Sanae Takaichi was elected as the ruling Liberal Democratic Party’s (LDP) new leader.

The index climbed to 47,187.69 at 9:03 a.m. — up by over 1,400 points from Friday’s close — while the yen weakened from around ¥147.5 to ¥149.6 per dollar.

Takaichi, a conservative heavyweight and former economic security minister, was chosen on Sunday to succeed Prime Minister Shigeru Ishiba as LDP president. Her victory almost assures her appointment as Japan’s next prime minister in a parliamentary session expected next week.

A close ally of the late Shinzo Abe, Takaichi is known for supporting aggressive fiscal spending and monetary easing policies. Analysts say her economic stance boosted investor confidence, helping to drive Monday’s sharp rally in Tokyo markets.