Suga Succeeds Abe as Japan’s New Leader

The Nikkei 225 moved 152.81 points or 0.65% higher to 23559.3 on Monday as Japan’s governing party elected Chief Cabinet Secretary Yoshihide Suga (picture) as its new leader to succeed Shinzo Abe.

As expected, Suga won by a large margin, taking 377 of a total of 534 votes from his party’s lawmakers and regional representatives.

Meantime, SoftBank Group jumped 8.96% after the company said it agreed to sell chip designer Arm to Nvidia Corp for as much as $40 billion in a deal set to reshape the semiconductor landscape.

On the local data front, industrial production rose by 8.7% month-over-month in July, posting the strongest monthly rise on record in industrial output while the Reuters Tankan index recovered 4 points from the previous month to -29 in September, marking the least gloomy level in six months.

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