Nikkei 225 soared 1.6% to 38,527.52, S&P/ASX 200 added almost 0.1% to 8,217.80, Kospi rose 0.6% to 2,598.73, Hang Seng gained 0.1% to 20,614.74, while the Shanghai Composite added 0.3% to 3,310.63
Asian shares rose Monday, as the yen slipped in the midst of political uncertainty after Japan’s ruling party lost its majority in Parliament’s lower house in weekend elections.
In currency trading, the U.S. dollar advanced to 153.76 Japanese yen from 152.24 yen. It was trading at 140-yen levels last month. The euro cost $1.0796, down from $1.0803.
The weak yen is a boon for Japan’s giant exporters such as Toyota Motor Corp., whose stock added 3.7% in Tokyo trading. Nintendo Co. rose 2.6%, while Sony Corp. gained around 2.0%.
Japan’s ruling Liberal Democratic Party is still the top party, but several members failed to win reelection in Sunday’s vote after a scandal involving unreported campaign funding.
The ruling coalition with junior partner Komeito secured 215 seats, down sharply from the majority of 279 it previously held, as per Japanese media. A change of government is not expected but the LDP may need a third coalition partner.
Tokyo stocks gained. Analysts say the ruling party defeat had been greatly expected and factored into markets from before.
Japan’s benchmark Nikkei 225 soared 1.6% in morning trading to 38,527.52. Australia’s S&P/ASX 200 added almost 0.1% to 8,217.80. South Korea’s Kospi rose 0.6% to 2,598.73. Hong Kong’s Hang Seng gained 0.1% to 20,614.74, while the Shanghai Composite added 0.3% to 3,310.63.
On Wall Street, U.S. stock indexes closed last week, drifting to a mixed finish, giving the market its first losing week since early September.
The S&P 500 ended little changed after having been up 0.9% earlier in the day. The Dow Jones Industrial Average declined 0.6% and also posted its first weekly loss after six consecutive gains. The Nasdaq composite gained 0.6%.
