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Nikkei accelerates up, extending Suga rally

Japan Nikkei 225 extended rises sharply today, up more than 1.7% or 500 pts at the time of writing, overpowering other Asian markets. It’s indeed on track to 30k handle again in the next few day, if the momentum could sustain.

The upside acceleration started last week, after Prime Minister Yoshihide Suga surprisingly declared he would not run for leadership of the ruling Liberal Democratic Party in September 29.

Suga explained that he’d like to focus on coronavirus measures, as “doing both takes enormous energy”. But it’s believed that his light pandemic restrictions and the spread of the infections prompted much grieve among both consumers and business owners. Stepping down as party leader, and prime minister now would lower LDP’s chance of losing badly in the upcoming general election later in the year. The development gave extra support to the Japanese stock markets.

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