The 225-issue Nikkei stock average's rise to an all-time high is unlikely to help buoy Prime Minister Fumio Kishida's government, which has been mired in political funds and other scandals, as the public considers the bullish market conditions to be unrelated to his policies.

Some lawmakers have suggested Kishida may dissolve the House of Representatives for a snap election before the ruling Liberal Democratic Party's leadership race later this year if the surge in stocks contributes to an improvement in approval ratings for his Cabinet.

But such a scenario is improbable, even if shares keep climbing, given there are currently few positives Kishida can point to in order to increase his popularity, political experts said, adding he could eventually be placed in a predicament in the near future.