Nikkei rallies 2pc on softer yen

TOKYO: Japan’s Nikkei share average rallied more than 2 percent on Friday, buoyed by further softening of the yen after a strong advocate of “Abenomics” took the lead in first-round votes in the ruling Liberal Democratic Party’s leadership election.

The Nikkei ended 2.32% higher at 39,829.56, its highest close since July 19, while the broader Topix finished up 0.73% at 2,740.94.

The gains extended after right-wing economic security minister Sanae Takaichi and former defence minister Shigeru Ishiba qualified for the second round of voting to replace Prime Minister Fumio Kishida as the leader of Japan’s ruling party.