Japan's Nikkei rises, defence stocks shine as Ishiba set to become next PM
Updates at 0230 GMT
TOKYO, Oct 1 (Reuters) -Japan's Nikkei share average rose more than 1% on Tuesday, led by defence stocks as former defence minister Shigeru Ishiba is set to become the country's next prime minister.
The Nikkei .N225 had gained 1.47% to 38,476.33 by the midday break after falling nearly 5% in the previous session. The broader Topix .TOPX rose 1.23% to 2,678.4.
Heavy machinery makers were the top three percentage gainers on the Nikkei, with Kawasaki Heavy Industries 7012.T jumping 8.32%, while Mitsubishi Heavy Industries 7011.T and IHI 7013.T climbed 7.82% and 6.95%, respectively.
Ishiba is set to be voted in by parliament as Japan's next prime minister later in the day and unveil his cabinet.
A close Ishiba ally, Takeshi Iwaya, a former defence chief, will 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 0.9% and Honda Motor 7267.T gained 1.72%.
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 3.01% and 2.11%, respectively.
Reporting by Junko Fujita; Editing by Subhranshu Sahu
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