Mitsubishi Heavy shares soar on hopes for 2nd Trump term military spending

Japanese peers Kawasaki Heavy, IHI also see heavy trading after presidential debate

Mitsubishi Heavy Industries built the Taigei submarine for Japan's Self-Defense Forces. (Photo by Naoki Hori)

NOZOMI OKUBO and KENTA SHINOZAKI, Nikkei staff writers

July 6, 2024 00:59 JST

TOKYO -- Shares in Japanese defense contractor Mitsubishi Heavy Industries are soaring to records, as investors weigh the odds of former U.S. President Donald Trump winning a second term and pressing American allies for more military spending.

Mitsubishi Heavy's shares rose for the 10th consecutive trading day Friday on the Tokyo Stock Exchange, setting a record high for the fourth day in a row.