BUSINESS Tokyo's key Nikkei index up more than 2% as Japan PM holds power

BUSINESS

Tokyo's key Nikkei index up more than 2% as Japan PM holds power

AFP

08:28, November 01, 2021

Tokyo's key Nikkei 225 index opened more than two percent higher on Monday as investors cheered general election results showing a victory for Prime Minister Fumio Kishida.

The benchmark Nikkei 225 index was up 2.14 percent or 617.39 points at 29,510.08 in early trade, while the broader Topix index was up 1.50 percent or 30.11 points at 2,031.29.

Japan's ruling coalition retained power but lost some seats in parliament in Sunday's general election, results reported by Japanese media showed.

Kishida's Liberal Democratic Party (LDP) held on to 261 seats, maintaining its single-party majority.

"In addition to rallies in US stocks, the LDP securing a single majority is helping Japanese shares rise," said Toshiyuki Kanayama, senior market analyst at Monex.

The dollar fetched 114.13 yen in early Asian trade, against 114.03 yen late Friday in New York.

Among major shares in Tokyo, Olympus rallied 3.80 percent to 2,554 yen, shipping firm Nippon Yusen gained 3.67 percent to 8,480 yen, and Toyota was up 1.32 percent at 2,033 yen.

Sony jumped 5.44 percent to 13,855 yen while airline ANA Holdings was down 1.11 percent at 2,623.5 yen after it forecast an annual net loss and said it would eliminate 9,000 jobs, with pandemic-hit travel demand slow to recover.

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