Stock market today: Asian shares rise and the yen dips after Japan's ruling party loses majority

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Financial Markets Nouvelles

Japan,General News,Asia

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. Benchmarks rose in Monday morning trading in Tokyo, Sydney, Seoul, Hong Kong and Shanghai. The U.S. dollar was trading around 153 yen after trading at 140-yen levels last month.

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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.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.

The S&P 500 closed little changed after having been up 0.9% earlier in the day. The Dow Jones Industrial Average fell 0.6% and also posted its first weekly loss after six straight gains. The Nasdaq composite rose 0.6%.

 

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