Nikkei 225 gains ground as Shinzo Abe announces new cabinet

<p>The Nikkei 225 has gained ground in trading as Shinzo Abe announced his new cabinet.</p>

The Nikkei 225 benchmark in Tokyo has gained ground this morning (December 27th), following news newly-elected premier Shinzo Abe has unveiled his new cabinet.

Mr Abe – who was prime minister between 2006 and 2007 – reclaimed the top job in the world's third-largest economy on December 16th, after his Liberal Democratic Party won the general election, moving the Democratic Party out of power.

Now, the Liberal Democratic Party and its coalition partner control a two-thirds majority in the lower house.

Mr Abe has vowed to make bold reforms in a bid to turn the state of the nation's finances around.

He stated: "With the strength of my entire cabinet, I will implement bold monetary policy, flexible fiscal policy and a growth strategy that encourages private investment."

At close of play in the Japanese capital today, the Nikkei 225 rose by 0.9 per cent to an index value of 10322.9 points – an increase of 92.6 points.

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