Nikkei rallies 2% on softer yen, Japan leadership contest in spotlight
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Japan's Nikkei share average rallied more than 2% on Friday, buoyed by further softening of the yen after a strong advocate of "Abenomics" took the lead in first-round votes in the ruling Liberal Democratic Party's leadership election. The Nikkei ended 2.32% higher at 39,829.56, its highest close since July 19, while the broader Topix finished up 0.73% at 2,740.94. The gains extended after right-wing economic security minister Sanae Takaichi and former defence minister Shigeru Ishiba qualified for the second round of voting to replace Prime Minister Fumio Kishida as the leader of Japan's ruling party. The market was reacting to Takaichi, an advocate of deceased former premier Shinzo Abe's "Abenomics" stimulus policies and a vocal opponent of further interest rate hikes in Japan, coming in with the most votes in the first round, analysts said. "She advocates for monetary easing and fiscal stimulus...