Nikkei has best gain in 5 weeks, insurers rise and US tariffs shrugged off
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Synopsis
The index opened lower but ended 1.4 per cent higher - its biggest one-day gain in five weeks
The index opened lower but ended 1.4 per cent higher - its biggest one-day gain in five weeks - at 23,420.54.
The broader Topix closed at 1,759.88 after climbing 1.8 per cent, its biggest daily per centage gain in six months.
Japanese markets were closed for a holiday on Monday.
US President Donald Trump imposed 10 per cent tariffs on $200 billion worth of Chinese imports on Monday, but spared smart watches from Apple and Fitbit and other consumer products such as bicycle helmets and baby car seats.
The move was expected, so even though the market opened down, investors seemed to have quickly priced in the news and looked to domestic events.
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Abe, who returned to office in December 2012 pledging to bolster defences and reboot the economy, is widely expected to defeat his rival, former defence minister Shigeru Ishiba, for leadership of the LDP.
Expectations of an Abe victory "are raising hopes that Japan's political stability will continue," said Takatoshi Itoshima, a strategist at Pictet Asset Management.
Japanese shares rose broadly, with all of the Topix's 33 subsectors in positive territory.
Insurers who hunt for higher yielding products were among big winners after US Treasury yields soared on Monday on hopes the US central bank could raise interest rates twice more this year. Dai-ichi Life Holdings jumped 4.2 per cent and MS&AD Insurance soared 4 per cent.
Electronic suppliers underperformed after Apple Inc said Trump's tariff decision could hit a "wide range" of its products.
Murata Manufacturing shed 1.4 per cent, Alps Electric tumbled 2.1 per cent and Kyocera Corp declined 0.9 per cent.
Elsewhere Start Today Co was volatile, falling as much as 4.7 per cent and rising 0.8 per cent before ending 2.4 per cent lower at 3,200 yen.
SpaceX, Elon Musk's space transportation company, on Monday named its first private passenger as Yusaku Maezawa, the founder and chief executive of the online fashion retailer.