Asian stocks rose to an all-time high, led by Japanese equities, after a pro-stimulus lawmaker emerged as the country’s next leader. Bond yields rose on concern over higher spending, pushing investors toward alternative assets such as gold and Bitcoin, both of which hit records.
MSCI’s regional stock gauge advanced for a sixth consecutive day, while the Nikkei 225 index jumped 4.8% to an all-time high as Sanae Takaichi was in line to become the country’s next prime minister. The yen slid 1.7% to 150 per dollar, while falling to a record low against the euro.