Japan’s Nikkei 225 on Thursday hit 58,000 for the first time in history, extending its post-election rally to fresh highs, fueled by renewed confidence in domestic politics and the ruling administration’s economic agenda.
Japanese stocks returned from holiday Thursday, with the Nikkei 225 docking 10.7 points to 57,639.84.
Japanese stocks have notched several fresh highs in recent days, fueled by the so-called “Takaichi trade,” following Prime Minister Sanae Takaichi’s landslide victory in the Lower House, said market watchers.
Global investment firm GMO noted that Takaichi’s snap-election landslide gives her an unusually strong, multi-year mandate to execute policy, which they view as broadly supportive for Japan’s markets and corporate sector.
While equities have rallied and bond investors appear reassured, GMO notes intervention risks could rise if the yen approaches 160 against the greenback.
In Hong Kong, the Hang Seng index tumbled 223.84 points, or 0.9%, to 27,032.54
In other markets
The CSI 300 in Shanghai cleared breakeven 5.76 points, or 0.1%, to 4,719.58.
In Taiwan, markets were shuttered for holiday.
In Korea, the Kospi popped 167.78 points, or 3.1%, to 5,522.27, a new record high.
In Singapore, the Straits Times Index gained 32.18 points, or 0.7%. to 8,265.35.
In Australia, the ASX tallied 28.76 points, or 0.3%, to 9,043.54.
In New Zealand, the NZX 50 recovered 24.2 points, or 0.2%, to 13,531.48.
