Investing.com-- Most Asian stocks rose on Monday as concerns over the Israel-Iran conflict were soothed by a less severe than feared attack by Israel, while Japanese shares rose past increased political uncertainty.
Israel attacked Iran over the weekend, but avoided hitting Tehran’s oil and nuclear infrastructure, marking a less severe escalation in the long-running conflict. Most Asian markets rose on this notion, while oil prices slumped. A coalition led by the country’s ruling Liberal Democratic Party lost its parliamentary majority in an election held on Sunday, raising doubts over the political make-up of the country in the coming years, local media reports showed.
While such a scenario presents more uncertainty for Japanese markets, it also diminishes the ability of the BOJ to keep raising interest rates. The yen fell sharply on this notion, benefiting export-oriented stocks.Broader Asian markets mostly drifted higher on Monday, with focus turning to a barrage of key U.S. technology earnings this week, as well as major economic readings.
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