Japan's Nikkei plunges 4% on stronger yen after Ishiba win
Japan's benchmark Nikkei share average tumbled more than 4% on Monday in reaction to a sharply stronger yen after perceived monetary policy hawk Shigeru Ishiba won the contest to become the country's prime minister.
The Nikkei traded 4.11% lower at 38,191.13 as of 0020 GMT, while the broader Topix index shed 2.9%.
Japanese government bond yields jumped, with the yield on benchmark 10-year notes opening 5 basis points higher at 0.855%.
A known critic of the Bank of Japan's extraordinary stimulus of the previous decade, Ishiba beat monetary-policy dove Sanae Takaichi in a close contest on Friday that was decided after share markets had already closed. He is due to become premier on Tuesday.
Ishiba's current stance is less clear, as he told national broadcaster NHK at the weekend that «monetary policy must remain accommodative as a trend given current economic conditions.»
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