Stocks advanced in Asia on Monday, with Tokyo’s benchmark up 2.2 percent after the ruling Liberal Democrats won a stronger than expected majority in an election Sunday. Shares rose in all regional markets except Hong Kong. The regional gains followed further milestones on Wall Street, where the three major indexes set records. The S&P 500 rose 0.2 percent; the Dow Jones Industrial Average gained 0.3 percent and the Nasdaq closed 0.3 percent higher. Japanese Prime Minister Fumio Kishida’s coalition kept a comfortable majority in Sunday’s parliamentary election despite losing some seats as his weeks-old government grapples with a coronavirus-battered economy and regional security challenges. “This removes a key political overhang that has been weighing on market sentiments … and drives risk-on moves in the Japanese market,” Jun Rong Yeap of IG said in a commentary. Kishida is expected to draw up a package of government spending and other measures to …
Wall Street Rally, Japan Election Drive Asian Shares Higher
November 1, 2021
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