Japan stocks hit record highs

Japan's Nikkei 225 index jumped over 4 per cent to hit a record high on Monday after the country's ruling Liberal Democratic Party elected staunch conservative Sanae Takaichi as its new leader Saturday, positioning her to become the country's first female prime minister.
The index closed 4.75 per cent higher to end the trading day at 47,944.76, reports CNBC.
The surge was led by gains in real estate, technology and consumer cyclical stocks. Yaskawa Electric Corp jumped over 20 per cent, while Japan Steel Works was up 14 per cent. Mitsubishi Heavy Industries and Kawasaki Heavy Industries added 13 per cent and 12 per cent respectively. Similarly, the Topix rose as much as 3.1 per cent to hit an all-time high.