Japan's Nikkei share average notched 21-year highs on Monday Oct 23,2017 to rise for a record 15th straight session, lifted by a weaker yen after Prime Minister Shinzo Abe's coalition scored a resounding election victory on Sunday.
The Nikkei ended up 1.1% at 21,696.65.
The index gained 1.4% last week, making its sixth straight weekly gain and its longest weekly winning streak in a year, leaving investors to ponder how long it might continue.
“While upward momentum is apparently strong, it would not be unusual for short-term profit-taking to emerge,” said Yutaka Miura, a senior technical analyst at Mizuho Securities.
Mr. Abe's coalition kept its two-thirds “super majority” in the Lower House, reassuring investors that his “Abenomics” economic reforms would continue, including the Bank of Japan's easy monetary policy, which has resulted in a weaker yen, benefiting exporters.
“It would be particularly positive if this very strong political position that Abe has re-established allows him to push for further radical policy — that would be a bonus,” said Stefan Worrall, director of Japan equity sales at Credit Suisse in Tokyo.
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