How to set sys.stdout encoding in Python 3?

Setting the default output encoding in Python 2 is a well-known idiom:

sys.stdout = codecs.getwriter("utf-8")(sys.stdout)

This wraps the sys.stdout object in a codec writer that encodes output in UTF-8.

However, this technique does not work in Python 3 because sys.stdout.write() expects a str, but the result of encoding is bytes, and an error occurs when codecs tries to write the encoded bytes to the original sys.stdout.

What is the correct way to do this in Python 3?