Japan’s Nikkei 225 stock index traded up at the open Tuesday and hit a record high following Prime Minister Shigeru Ishiba’s resignation announcement on Sunday.
The benchmark broke the 44,000 for the first time in history in the morning, up as much as around 1% and breaking the previous record of 43,876.42 hit on Aug. 19.
At 9:42 a.m. on Tuesday, the Nikkei 225 rose to 44,085.41.
The yen strengthened slightly and was trading at about ¥147.3 to the dollar on Tuesday morning.
It is the fifth record for the Nikkei 225 this year following a series of new highs reached in August. It also followed a strong performance in the stock market on Monday.
Globally, stocks sold off following the implementation of new tariffs by U.S. President Donald Trump, but they have since rallied as deals have been signed and economies have held up better than expected.
Ishiba is stepping down after the Liberal Democratic Party, which he leads, lost its majority in the Upper House in July and as tariff negotiations with the United States come to a conclusion.
AloJapan.com