Asian markets extend gains, Japan’s Nikkei nears 50,000

BANGKOK (AP) — Asian markets advanced on Tuesday, with Japan’s benchmark approaching the symbolically important 50,000 level for the first time as conservative lawmaker Sanae Takaichi was poised to become the country’s first female prime minister.

The Nikkei 225 in Tokyo was up 0.8% at 49,595.72 as Japanese lawmakers prepared to elect Takaichi. She is expected to support market-friendly policies such as low interest rates and more government spending although her coalition government barely has a majority in the parliament.

The U.S. dollar rose to 151.05 Japanese yen from 150.75 yen. If Takaichi gets her way in slowing interest rate increases by the Bank of Japan, the yen is likely to remain relatively weak against the dollar. That will hinder the bank’s efforts to curb inflation, which