Japan stocks hit record high, nearing 50,000 threshold

Asian markets pushed higher on Tuesday, with Japan’s benchmark Nikkei 225 jumping 0.8% to 49,595.72, putting the symbolic 50,000 level within close reach for the first time.

The rally was fueled by political news, as lawmakers prepared to elect Sanae Takaichi as Japan’s first female prime minister, with expectations she will support economic stimulus.

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The gains were broad-based across the region:

• Hong Kong’s Hang Seng surged 1.7%.
• Shanghai’s Composite index rose 1.2%.
• Australia’s S&P/ASX 200 climbed 0.8%.

The optimism followed a strong Wall Street session where the S&P 500 gained 1.1%, pulling within 0.3% of its all-time high. Apple led the charge, hitting a record after a 3.9% rise.

Investors are now watching for key U.S. inflation data and a wave of corporate earnings reports this week to see if company profits can support the market’s recent rally.