Nikkei jumps 691 points on weaker yen as election uncertainty blows over - Mon 28 Oct 2024

Nikkei225 Summary
Mon 28 Oct 2024 - Japan’s Nikkei closes the day strongly, up 691 points led by the tech sector as the election draws to a close.

The ruling LDP lost its lower house majority in parliament, winning 191 seats, with coalition partner Komeito securing 24 seats. Together they control 215 seats, not enough for a 233 seat majority.

PM Ishiba has expressed his intention to stay on to lead the LDP to prevent a political vacuum from forming. He will likely seek a new alliance with the DPFP (28 seats) or the JIP (38 seats) to make the majority required to stay on as PM. The special diet session to select the new PM will convene on 11 Nov.

Investors believes that the political uncertainty may slow interest rate hikes by the Bank of Japan and bring about more stimulus spending by the humbled LDP.

  • Nikkei225  38,605.53 (+691.61 +1.82%)  197 up 27 down 1 flat
  • Topix  2,657.78 (+39.46 +1.51%)
  • REIT  1,693.58 (+8.97 +0.53%)
  • JGB 10YR  0.975 (+0.0227)         
  • USD/JPY  153.21 (+0.90 +0.59%)
  • Crude Oil  67.83  (-3.95 -5.50%)


Top Performers

  • Chugai Pharmaceutical Co. Ltd.     ¥7,855.00 (+986.00 +14.35%) - pharma
  • Konica Minolta Inc.     ¥637.80 (+35.70 +5.93%) - printing products
  • Disco Corp.     ¥39,670.00 (+1,970.00 +5.23%) - semicon


Bottom Performers

  • Olympus Corp.     ¥2,678.00 (-160.00 -5.64%) - CEO resigns amid illegal drug purchase allegations
  • Kawasaki Heavy Industries Ltd.     ¥5,587.00 (-203.00 -3.51%) - industrial systems
  • Japan Steel Works Ltd.     ¥5,141.00 (-186.00 -3.49%) - steel


 

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