Japan's Nikkei index posts longest-ever winning streak as markets cheer Shinzo Abe victory

The benchmark index rose 1.11 per cent, or 239.01 points, to end the day at 21,696.65, its 15th consecutive rise and the longest since it came into existence in 1950.
The benchmark index rose 1.11 per cent, or 239.01 points, to end the day at 21,696.65, its 15th consecutive rise and the longest since it came into existence in 1950.PHOTO: AFP

TOKYO (AFP) - Tokyo's Nikkei 225 on Monday (Oct 23) posted the longest winning streak in its nearly 70-year history as markets cheered the weekend election victory of Japan's pro-business prime minister.

The benchmark index rose 1.11 per cent, or 239.01 points, to end the day at 21,696.65, its 15th consecutive rise and the longest since it came into existence in 1950.

The broader Topix index gained 0.84 per cent, or 14.61 points, to finish at 1,745.25 yen.

The gains were driven by hopes that premier Shinzo Abe's growth blitz - a mix of huge monetary easing, government spending and reforms to the economy - will continue.

"It's symbolic" that the record winning streak came a day after Abe won the vote, Hikaru Sato, senior technical analyst at Daiwa Securities, told AFP.

Abe, who came into power in late 2012 on a ticket to reignite the lumbering economy, is now on course to become the country's longest-serving premier.