Japan's Nikkei rises nearly 2%, defence stocks shine as Ishiba confirmed as PM
Updates at 0600 GMT
TOKYO, Oct 1 (Reuters) -Japan's Nikkei share average rose nearly 2% on Tuesday, led by defence stocks as former defence minister Shigeru Ishiba was confirmed as the country's next prime minister by parliament.
The Nikkei .N225 rose 1.93% to close at 38,651.97, after falling nearly 5% in the previous session. The broader Topix .TOPX jumped 1.69% to 2,690.78.
Heavy machinery makers were the top percentage gainers on the Nikkei, with Kawasaki Heavy Industries 7012.T jumping 8.3%, while Mitsubishi Heavy Industries 7011.T and IHI 7013.T climbed 7.84% and 7.35%, respectively.
Ishiba was voted in by parliament as Japan's next prime minister and is set to unveil his cabinet later in the day.
A close Ishiba ally, Takeshi Iwaya, a former defence chief, is slated to take over as foreign minister, while Gen Nakatani will return to the defence ministry.
"The market expected those defence-related stocks would benefit after seeing reports about key members of the new cabinet," said Tomochika Kitaoka, chief equity strategist at Nomura Securities.
Exporters also rose on the back of a weaker yen. The dollar strengthened after Federal Reserve Chair Jerome Powell pushed back overnight against bets on more supersized interest rate cuts.FRX/
Toyota Motor 7203.T climbed 2.1% and Honda Motor 7267.T gained 2.29%.
A softer yen tends to help exporter shares as it increases the value of overseas profits in yen terms when firms repatriate them to Japan.
"The Nikkei returned to where it was a week ago and it will stay around this level for a while. But the Japanese equities are lagging behind their global peers, so they could rise further if there is a trigger," said Kitaoka.
Chip-related heavyweights rose, with Tokyo Electron 8035.T and Advantest 6857.T gaining 2.97% and 2.21%, respectively.
Reporting by Junko Fujita; Editing by Subhranshu Sahu
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