Japan stock market today: Nikkei, TOPIX slip 0.5% after 1% rally amid elections uncertainty
Stocks such as Mitsubishi Heavy Industries, Tokyo Electric Power Co. Holdings, and Japan Steel Works jumped 4-5 per cent, while shares of M3 Inc., Sumitomo Pharma, and Ebara Corp fell about 4 per cent each.
The Japanese stock market opened higher on July 22 following a weekend in which the ruling party lost its majority in the upper house. Japanese Prime Minister Shigeru Ishiba's coalition lost its majority in the upper house in Sunday's elections, while a right-wing populist party saw strong gains.
Japan's NHK media reported that it will mark the first time in the LDP's 70-year history that it leads a coalition that does not control either house. However, PM Ishiba indicated he intends to stay on in his role.
Some 248 members of Japan's Upper House are elected for six-year terms. Elections are held every three years for half of the seats.
(This is a developing story. Please check back for fresh updates.)
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