Japan's stock market emerges as clear winner of Suga's abrupt resignation

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While the race for ruling party leader remains wide open, the Japanese stock market has emerged as a clear winner of Prime Minister Yoshihide Suga's abrupt departure, with the broad Topix index (.TOPX) soaring to 31-year highs.

has gained almost 4% to its highest level since mid-April while the Topix vaulted nearly 3% to a level not seen since 1990, even though there is no clear front-runner. The LDP's majority in parliament guarantees the winner will become prime minister.

Many investors regard vaccine minister Taro Kono and former foreign minister Fumio Kishida as two leading candidates. Kishida has called for the reduction of income disparities, pledged support to the economically vulnerable, and said an economic stimulus package worth "tens of trillions of yen" was needed to combat the coronavirus.Kono is thought to focus more on pro-business policies such as deregulation, while Takaichi, a member of the party's most conservative wing, has said she wants to work towards achieving 2% inflation.

Sakagami expected the Topix to rise to 2,100-2,200 by year-end, a 2.9% to 7.8% increase from current levels.

 

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