Japanese stocks open at record highs as expectations of snap poll rise

Japanese indexes hit record highs Wednesday on expectations that Prime Minister Sanae Takaichi could call for a snap election, likely in February.

If called, it will be Takaichi’s first time facing Japan’s voters in an election.

The Nikkei 225 index rose 1.51%, crossing the 54,000 mark for the first time, after gaining over 3% to hit a record high Tuesday. The Topix also continued to push fresh highs and gained 0.86%.

The Japanese yen has also weakened past the 159 mark against the dollar, reaching its lowest level since July 2024, when Japanese authorities intervened to stop the yen’s slide.

Other Asia markets were mixed, with South Korea’s Kospi just above the flatline, while the small-cap Kosdaq was 0.14% lower.

Australia’s S&P/ASX 200 fell marginally.

Hong Kong’s Hang Seng index was 0.35% higher, while the mainland Chinese CSI 300 rose 0.14%.