Japanese stocks rose to an all-time high on Monday after Shigeru Ishiba announced his resignation as prime minister and fired the starting gun on a leadership race.
Traders in Tokyo said stocks had risen in the expectation that Ishiba would be replaced by Sanae Takaichi, a right-wing disciple of the “Abenomics” policies of the late Shinzo Abe seen as likely to unleash more government spending.
Japan’s broad benchmark Topix, which tracks the whole Tokyo stock market, rose about 1 per cent as the yen softened to ¥147.51 against the dollar and exporter stocks surged.
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