Japanese indexes hit record highs Wednesday on expectations that Prime Minister Sanae Takaichi could call for a snap election, likely in February.
In Japan, the Nikkei 225 kept rolling Wednesday, piling on 792.07 points, or 1.5%, to 54,341.23, crossing the 54,000 mark for the first time and hitting a record high.
Reports of a sudden election at a time when the Japanese leader enjoys huge popularity have fueled the so-called “Takaichi trade,” characterized by a weak yen — good for Japanese exports — and rising equity markets, amid expectations that she would advocate policies that stimulate the economy.
The Japanese yen has also weakened past the 159 mark against the dollar, reaching its lowest level since July 2024, when Japanese authorities intervened to stop the yen’s slide.
Hong Kong’s Hang Seng index leaped 151.34 points, or 0.6%, to 26,999.81, led by consumer non-cyclical and tech stocks.
In other markets
The CSI 300 in Shanghai dipped 19.1 points, or 0.4%, to 4,741.93.
In Korea, the Kospi gained 30.46 points, or 0.7%, to 4,723.10.
In Taiwan, the Taiex climbed 234.56 points, or 0.8%, to 30,941.78
In Singapore, the Straits Times Index nicked higher 5.38 points, or 0.1%. to 4,812.51.
In New Zealand, the NZX 50 recovered 101.66 points, or 0.7%, to 13,757.72.
In Australia, the ASX 200 advanced 12.06 points, or 0.1%, to 8,820.59.
