Yoshihide Suga was formally voted in as Japan's new prime minister by parliament's lower house and is now the first new leader in nearly eight years. Suga calmed markets with his plan to continue 'Abenomics' and keep half of predecessor Shinzo Abe's team.
Shinzo Abe was Japan's longest-serving prime minister but had to resign due to ill health. Suga previously served under him in the role of chief cabinet secretary but is set to implement structural reforms to revive the Japanese economy.
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Suga has a lot of issues to quickly gain control of:
- A battered economy due to Covid-19
- A rapidly aging population
- Intensifying US-China tensions.
The continuity of the cabinet under Suga has calmed many investors who have backed Sinzo Abe's 'Abenomics' policies to boost the country's money supply and government spending while making the economy more competitive.
The positive tones also helped to lift global stock indices. Although a weakening dollar throughout the session also helped provide some support. Traders will now be focused on Wedensday's FOMC Press Conference and the next actions from the US Federal Reserve.
How to trade the Nikkei 225 Index with Admiral Markets UK Ltd
If you are feeling bullish or bearish on the price of the Nikkei 225 Index or other instruments, you can speculate on its price direction using CFDs. To get started, follow these five simple steps:
- Log in to your existing Admiral Markets trading account, or open a live or demo trading account in just a few minutes.
- Click Trade on your chosen account which will direct you to the Admiral Markets MetaTrader Web Platform.
- Type in Nikkei, or another instrument, at the bottom of the Market Watch search box and then drag the symbol onto the chart.
- Use the one-click trading feature on the chart or right-click on select Trading -> New Order.
- Choose your entry, stop loss and target levels and position size (volume) and then confirm the trade.
Source: Admiral Markets MetaTrader 5 Web, JP225, Weekly - Data range: March 30, 2014, to September 16, 2020, performed on September 16, 2020, at 7:09 am BST. Please note: Past performance is not a reliable indicator of future results.
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