SoftBank Group Surges 11%
The Nikkei 225, Japan's leading stock market index, which has been on a steady upward trend, set a new all-time closing high on October 9, just two days after its previous record.
On this day, the Nikkei 225 closed at 48,580, up 1.77% from the previous day. At around 3:12 p.m. the same day, it soared as high as 48,597.
The Nikkei 225 has been steadily rising since Sanae Takaichi, who has pledged to increase fiscal spending, was elected as the new president of the ruling Liberal Democratic Party on October 4. President Takaichi is expected to take office as prime minister later this month.
However, the Nihon Keizai Shimbun analyzed that SoftBank Group led the day's rally after announcing the previous day that it would acquire the robotics business of Swiss conglomerate ABB. SoftBank Group's share price rose by 11.43% on this day.
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