Stocks in Asia go up due to dollar gains vs yen following recent Abe election victory


Stocks in Asia went up on Monday as the dollar surged after the snap election in Japan on Sunday.

According to local Japanese media, the ruling coalition of the Prime Minister of Japan, Shinzo Abe, won 312 of 456 seats on the election on Sunday thus retaining a two-thirds “supermajority”. With Abe’s victory, the Abenomics program will most likely continue.

As a result, the dollar went up to its highest in more than three months at 113.99 yen.

Japan’s Nikkei 225 went up by 1.01 percent in early trading, with exporters gaining due to the weaker yen. Mitsubishi Motor went up by 2.34 percent, Nissan gained 1.44 percent and Sony rose 1.13 percent.

The Kospi index of South Korea gained 0.18 percent with blue-chip tech companies going up early on the day: Samsung Electronics rose 0.63 percent and SK Hynix went up by 1.97 percent.

Over in Australia, the S&P/ASX 200 went up by 0.08 percent. Leading in gains were telecommunications that surged by 1.21 percent but was weighed down by consumer and gold stocks.

The markets in New Zealand and Thailand are closed for public holidays.

In the United States, the Dow Jones Industrial Average gained 0.71 percent or 165.59 points, recording a record finish at 23,328.63, the S&P 500 went up by 0.5 percent and finished at 2,575.21 and the Nasdaq Composite finished at 6,629.05.


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