TOKYO, Japan – Tokyo’s Nikkei 225 on Monday, October 23, posted the longest winning streak in its nearly 70-year history as markets cheered the weekend election victory of Japan’s pro-business prime minister.
The benchmark index rose 1.11%, or 239.01 points, to end the day at 21,696.65, its 15th consecutive rise and the longest since it came into existence in 1950.
The broader Topix index gained 0.84%, or 14.61 points, to finish at 1,745.25 yen.
The gains were driven by hopes that premier Shinzo Abe’s growth blitz – a mix of huge monetary easing, government spending and reforms to the economy – will continue.
“It’s symbolic” that the record winning streak came a day after Abe won the vote, Hikaru Sato, senior technical analyst at Daiwa Securities, told Agence France-Presse.
Abe – who came into power in late 2012 on a ticket to reignite the lumbering economy – is now on course to become the country’s longest-serving premier. – Rappler.com
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