Japan stocks rally amid weakening yen after coalition drubbing
Shigeru Ishiba's coalition lost its parliamentary majority in a drubbing in Sunday's election, raising uncertainty over the path for policy and the economy.
Ishiba's Liberal Democratic Party (LDP), which has ruled Japan for almost all of its post-war history, and junior coalition partner Komeito took 215 seats in the lower house of parliament — well short of the 233 needed for a majority — public broadcaster NHK reported. The LDP previously held 247 seats and Komeito held 32.
The outcome may force parties into fractious power-sharing deals to rule, potentially ushering in political instability.
The Nikkei share average rose 1.5% to 38,492.25 as of 0039 GMT, and was earlier up nearly 2%. It had opened 0.4% lower.
The yen sank as low as 153.34 per dollar for the first time since July 31, and last traded about 0.6% weaker at 153.22 per dollar.
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