TOKYO: Tokyo's key Nikkei index closed more than two percent higher on Monday as Prime Minister Fumio Kishida declared victory in national elections.
The benchmark Nikkei 225 index jumped 2.61 percent or 754.39 points to end at 29,647.08, while the broader Topix index gained 2.18 percent or 43.54 points to 2,044.72.
Kishida, who has been in office for a month, led his ruling coalition to a strong majority in Sunday's election.
The Liberal Democratic Party (LDP) leader vowed to boost the world's third-biggest economy with a fresh pandemic spending package which he said he would draft this month.
"A sense of relief spread among traders, as they were worried about the ruling party not gaining the majority," Okasan Online Securities said.
Masayuki Kubota, chief strategist at Rakuten Securities, also noted in a commentary that the LDP had gained more seats than expected.
Investors are also eyeing a US Federal Reserve meeting this week, he added.
In Tokyo trading, Uniqlo operator Fast Retailing jumped 4.22 percent to 78,700 yen while SoftBank Group grew 2.67 percent to 6,329 yen.
Sony surged 5.40 percent to 13,850 yen.
Automakers were higher with Toyota climbing 2.16 percent to 2,050 yen, Honda gaining 3.88 percent to 3,479 yen and Nissan advancing 2.28 percent to 590.6 yen.
The dollar fetched 114.33 yen in Asian trade, against 114.03 yen late Friday in New York.
Comments
Comments are closed.