"Japanese stocks surged over 4% on Monday and the yen fell after Sanae Takaichi was elected to lead the country's ruling party. The Nikkei 225 Index was up 4.6%, soaring to 47,852.29, after earlier passing the 46,000 mark for the first time ever. The yen fell, reaching 149.76 yen against the dollar and hitting a record low against the euro."
"Among the five hopefuls in the Liberal Democratic party (LDP) run to replace Prime Minister Shigeru Ishiba, Takaichi was seen as having the most expansionist fiscal and monetary agenda. The former economic security and internal affairs minister has previously put her weight behind vigorous monetary easing and big fiscal spending. After winning the party vote on Saturday, Takaichi vowed to address inflation and boost Japan's economy, rural areas and primary industries including farming and fisheries."
Sanae Takaichi's election as leader of the ruling Liberal Democratic Party triggered a sharp rally in Japanese stocks and a weaker yen. The Nikkei 225 jumped about 4.6%, reaching 47,852.29 after earlier surpassing the 46,000 mark for the first time. The yen slid to 149.76 per dollar and touched a record low versus the euro. Takaichi is a fiscal dove and an ally of the late Prime Minister Shinzo Abe, and she is positioned to become Japan's first female prime minister. She favors expansionary fiscal and monetary measures, having backed vigorous monetary easing and substantial fiscal spending. Investors await her choice for finance minister.
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