Japanese stocks reached a record high after the Liberal Democratic Party (LDP) named Sanae Takaichi, a pro-business politician, as its new leader, positioning her to become Japan's next prime minister. The benchmark Nikkei 225 index surged by more than 4%, exceeding 47,000 for the first time.

• The Nikkei 225 index jumped by more than 4%, rising above 47,000.
• Sanae Takaichi, a long-time admirer of former UK prime minister Margaret Thatcher, supports higher government spending and lower borrowing costs, championing Abenomics.
• The yen hit a record low against the euro and dropped by 1.7% against the US dollar, with experts noting this as a "knee-jerk reaction."