Nikkei Soars over 1,900 Points to Hit Record Intraday High

Tokyo, Oct. 6 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average surged more than 1,900 points in morning trading Monday to hit a record high above 47,000 on an intraday basis. The election of Sanae Takaichi, an advocate of expansionary fiscal policy, as president of Japan’s ruling Liberal Democratic Party on Saturday triggered buying of a wide range of Tokyo stocks. Takaichi is widely expected to be elected the country’s prime minister on the first day of an extraordinary parliamentary session on Oct. 15. At 9:13 a.m., the Nikkei climbed as high as 47,734.04, up 1,964.54 points, or 4.29 pct, from Friday, surpassing its previous intraday record high logged on Sept. 19. The broader TOPIX index on the Tokyo Stock Exchange also gained ground, notching an intraday all-time high above 3,200. In Monday’s currency trading, dollar buying against the yen accelerated, as Takaichi’s election as LDP leader led to receding expectations for an early interest rate hike by the Bank of Japan. Takaichi is believed to prioritize economic growth and urge the central bank to communicate closely with the government. At 9 a.m., the U.S. currency stood at 149.57-59 yen, up sharply from 147.40-42 yen at 5 p.m. Friday. END [Copyright The Jiji Press, Ltd.]