Asian stocks have soared, led by Japan's Nikkei, as investor confidence was boosted by Tokyo winning the race to host the 2020 Olympics.
Sentiment was also helped by an upwards revision to Q2 GDP for the Japanese economy. The annualised estimate was revised up to 3.8%, compared to an expected figure of 2.6%.
The Nikkei index has jumped 2.4% on the positive news to 14,195 and the broader Topix is up 2.1% to 1,172, while the yen has slid against the dollar to 99.7.
According to Japan's Prime Minster Shinzo Abe, the Olympics will spur construction and help beat deflation, delivering stronger economic growth.
Mitsubishi saw some of the largest gains, rising 5.5% on the hopes it would benefit from Olympics-related projects; building contractor Taisei Corp has also surged 15%.
The broader Asian region also benefited from the news, with the MSCI Asia Pacific index climbing 1%.
Chinese local indices were also boosted as figures released yesterday showed exports rising 7.2% from a year earlier, beating analysts' predictions.
The Shanghai Composite index rose as much as 3.2%, and Hong Kong's Hang Seng is up 0.55%, as investors become more confident about the economic recovery.
Elsewhere in the region, Australia's S&P ASX 200 is up 0.7% following the country's election, where Tony Abbott, leader of the Liberal-National coalition, emerging as the landslide winner.
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