Japan's Nikkei Hits Record High as Yen Weakens Amid Snap Election Reports

Asian shares posted modest gains, led by Japan's Nikkei 225, which surpassed the 54,000 mark for the first time amid reports of a potential snap election called by Prime Minister Sanae Takaichi. The Japanese yen weakened past the 159-per-dollar level to its lowest since July 2024. Markets anticipate that an early election could bolster Takaichi's mandate and support expansionary fiscal policies. Meanwhile, US equities declined slightly following mixed corporate earnings and inflation data, with traders awaiting a possible Supreme Court ruling on tariffs.