Sony shares climb to their highest level in 25 years as Abenomics supporter Sanae Takaichi is likely to become Japanese PM
Sony shares surged 4% on Monday, reaching their highest level since March 2000, with a notable 4.75% increase on the Nikkei 225 index. This rise was fueled by the political victory of Sanae Takaichi, a supporter of Abenomics, who is poised to become Japan's first female prime minister. Takaichi, a conservative figure, advocates for increased spending and tax cuts, and has criticized recent interest rate hikes by the Bank of Japan.
Shares of Sony rose 4% on Monday, sending the stock up to levels it last reached in March of 2000.
The move was even more impressive in its home listing, where the stock outperformed with a 4.75% jump on Japan’s Nikkei 225 that propelled that index to a record high on Monday.
Boosting the market was the victory of Shinzo Abe protege Sanae Takaichi in a race to lead Japan’s ruling political party, setting the lawmaker up to become the country’s first female prime minister. Takaichi, a hard-line conservative who claims Margaret Thatcher as a personal hero, advocates for “Abenomics”: higher spending and tax cuts. Takaichi previously described the Bank of Japan’s recent interest rate hikes as “stupid.”
