Japan’s Nikkei Average Tops 49,000 for 1st Time

Tokyo, Oct. 20 (Jiji Press)–Japan’s benchmark Nikkei 225 stock average exceeded 49,000 for the first time temporarily Monday afternoon. At 12:35 p.m., the key index of major names on the Tokyo Stock Exchange’s top-tier Prime section, stood at 49,014.88, up 1,432.73 points, or 3.01 pct, from Friday. Investors rushed to buy stocks from the outset amid heightened risk appetite that reflected waning concerns over the political situation in Japan. The news that the ruling Liberal Democratic Party and Nippon Ishin no Kai (Japan Innovation Party) reached a substantive agreement to form a coalition “triggered expectations that LDP President Sanae Takaichi will likely become the next prime minister,” an official of a major securities house said. “Investors were moving to take risks,” also due to a rise in all major U.S. equity indexes Friday, an official of another securities house said. END [Copyright The Jiji Press, Ltd.]