TOPSHOT – Officials look on as people vote during the general election at a polling station set up at a local school in Tokyo on October 27, 2024. Japan voted on October 27 in its tightest election in years, with new Prime Minister Shigeru Ishiba and his juggernaut Liberal Democratic Party facing potentially their worst result since 2009. (Photo by Richard A. Brooks / AFP) (Photo by RICHARD A. BROOKS/AFP via Getty Images)
Richard A. Brooks | Afp | Getty Images
Japan’s benchmark Nikkei 225 and its Topix index climbed on Monday after the country saw the ruling Liberal Democratic Party lose its majority in Japan’s lower house following elections on Sunday.
Public broadcaster NHK has projected the ruling bloc would secure 214 seats, with just one of the total 465 seats undeclared. The opposition Constitutional Democratic Party and the Democratic Party for the People have made significant gains in this election.
The Nikkei rose 0.8%, while the Topix was up 0.7%. The moves were also supported by a weaker yen, which fell 0.49% to trade at 153.03 on Monday.
South Korea’s Kospi gained 0.51%, while the small cap Kosdaq was 0.94% higher.
Australia’s S&P/ASX 200 started the day 0.11% higher.
Separately, futures for Hong Kong’s Hang Seng index stood at 20,522, pointing to a slightly weaker open compared to the HSI’s close of 20,590.15.