Japan’s benchmark Nikkei 225 and its Topix index climbed on Monday, supported by a weak yen amid political uncertainty as the ruling LDP lost its parliamentary majority.
In Japan, the Nikkei 225 index regained 691.61 points, or 1.8%, to 38,605.53. The yen weakened 0.64% to 153.28 on Monday.
The LDP and its coalition partner Komeito secured 215 out of 465 seats, while the opposition Constitutional Democratic Party and the Democratic Party for the People have made significant gains in this election.
This political uncertainty could deter the Bank of Japan from hiking rates, some analysts said.
In Hong Kong, the Hang Seng Index nosed ahead 9.21 points, or 0.04%, to 20,599.36.
CHINA
In Shanghai, the CSI 300 inched up 7.74 points, or 0.2%, to 3,964.16, after China reported its worst industrial profit numbers since the pandemic.
Steelmaking stocks in China climbed on Monday after the country’s iron and steel association signaled that the sector could undergo consolidation.
Baoshan Iron and Steel, the largest steelmaker in China by market cap rose 4.86%, while second placed Inner Mongolia Baotou Steel Union saw a 4.17% gain.
In other markets
In Taiwan, the Taiex dropped 150.38 points, or 0.6%, to 23,198.07
In Korea, the Kospi index took on 29.16 points, or 1.1%, to 2,612.42.
In Singapore, the Straits Times Index lost 9.33 points, or 0.3%, to 3,593.41.
In New Zealand, the NZX 50 handed back 42.46 points, or 0.3%, to 12,771.61
In Australia, the ASX 200 edged up 5.03 points, or 0.1%, to 8,211.20.
