New Delhi, Oct. 27 -- Japan's Nikkei share average extended rally and surpassed the 50,000 level for the first time on Monday on expectations of a sizable spending from the nation's new prime minister, a fiscal dove, Sanae Takaichi.

The Nikkei 225 Index rallied 2.17% to 50,367.38, taking its gains for the year to 25.8%. The broader Topix rose 1.72% to 3,325.82.

Among stocks, Kawasaki Heavy Industries share price jumped 7%, Advantest shares surged over 5%, Hoya Cor stock gained 6%, SoftBank Group shares gained over 4%, while Fast Retailing shares gained 2.55%.

Last week, Sanae Takaichi cleared a parliamentary vote to become premier. The Nikkei surged 3.6% for the week as Takaichi pledged a proactive spending policy, with an economic sti...