Japan's Nikkei index sinks 4.7% after ruling party chooses Ishiba as next prime minister
Japan’s benchmark Nikkei 225 index tumbled nearly 5% early Monday after the country’s ruling Liberal Democrats chose Shigeru Ishiba, a former defense minister, as the next prime minister. Ishiba is due Tuesday to succeed current Prime Minister Fumio Kishida, who resigned as his popularity rating sank. After winning the party’s vote on Friday, Ishiba said he would mostly continue with Kishida’s approach to trying to revive Japan’s sluggish economic growth.