Stock market today: Asian shares rise and the yen dips after Japan's ruling party loses majority
Asian shares rose, as the yen dipped in the midst of political uncertainty after Japan’s ruling party lost its majority in Parliament’s lower house in weekend elections
TOKYO — Asian shares rose Monday, as the yen dipped 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 rose to 153.76 Japanese yen from 152.24 yen. It was trading at 140-yen levels last month. The euro cost $1.0796, down form $1.0803.
The weak yen is a boon for Japan's giant exporters like Toyota Motor Corp., whose stock gained 3.7% in Tokyo trading. Nintendo Co. gained 2.6%, while Sony Corp. rose nearly 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.
All told, the ruling coalition with junior partner Komeito secured 215 seats, down sharply from the majority of 279 it previously held, according to Japanese media. A change of government is not expected but the LDP may need a third coalition partner.
Tokyo stocks rose. Analysts say the ruling party defeat had been greatly expected and factored into markets from before.
Japan's benchmark Nikkei 225 surged 1.6% in morning trading to 38,527.52. Australia's S&P/ASX 200 gained nearly 0.1% to 8,217.80. South Korea's Kospi edged up 0.6% to 2,598.73. Hong Kong's Hang Seng added 0.1% to 20,614.74, while the Shanghai Composite rose 0.3% to 3,310.63.
On Wall Street, U.S. stock indexes finished last week, drifting to a mixed finish, giving the market its first losing week since early September.
The S&P 500 closed little changed after having been up 0.9% earlier
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