TOKYO, Sept 6 — Tokyo stocks closed higher today with investors remaining buoyant over unpopular Prime Minister Yoshihide Suga’s announcement that he will not stand for re-election.
“Gains were supported by speculation about new economic stimulus” that could be announced by the Japanese government under a new prime minister, Daiwa Securities said in a commentary. “Last week, foreign investors returned to buy Japanese stocks, judging that the Liberal Democratic Party will avoid a drubbing in the general election, after Prime Minister Suga said he will step down,” said Masayuki Kubota, chief strategist of Rakuten Securities.
Renewable energy company Renova climbed 15.43 per cent to 4,900 yen on prospects that green energy policy led by Suga will continue under a new leader.