logo
Tokyo stocks edge up as PM Ishiba vows to stay on after election

Tokyo stocks edge up as PM Ishiba vows to stay on after election

The Mainichi4 days ago
TOKYO (Kyodo) -- Tokyo stocks edged up Tuesday morning as Japanese Prime Minister Shigeru Ishiba's vow to remain in office despite the ruling coalition's major setback in a national election helped ease concern about political uncertainty.
The 225-issue Nikkei Stock Average rose 73.70 points, or 0.19 percent, from Friday to 39,892.81. The broader Topix index was up 3.41 points, or 0.12 percent, at 2,837.89.
Japanese financial markets were closed Monday for a national holiday.
The U.S. dollar moved little around the mid-147 yen level in Tokyo, with investors adopting a wait-and-see stance as Ishiba's ability to steer the government remains unclear after the ruling coalition failed to retain its majority in the House of Councillors election, dealers said.
At noon, the dollar fetched 147.46-47 yen compared with 147.30-40 yen in New York at 5 p.m. Monday.
The euro was quoted at $1.1690-1692 and 172.38-42 yen against $1.1693-1703 and 172.28-38 yen in New York late Monday afternoon.
Stocks advanced as investors were relieved after Sunday's upper house election outcome was largely within expectations and Ishiba said Monday he will stay on, averting a political upheaval at least for the time being, market analysts said.
"Some investors had expected the coalition to lose many more seats," said Masahiro Ichikawa, chief market strategist at Sumitomo Mitsui DS Asset Management Co.
But the market remained cautious as the election result left the ruling bloc without control of both chambers of parliament. The coalition failed to secure a majority in last year's election for the more powerful House of Representatives.
"The market is keeping close tabs on whether the ruling coalition will explore a grand coalition with an opposition party" and consider a reduction in the consumption tax as demanded by opposition parties, which would worsen Japan's fiscal health, Ichikawa said.
Orange background

Try Our AI Features

Explore what Daily8 AI can do for you:

Comments

No comments yet...

Related Articles

US-Japan deal's 9-1 investment profit split limited in scope: Tokyo
US-Japan deal's 9-1 investment profit split limited in scope: Tokyo

Nikkei Asia

timean hour ago

  • Nikkei Asia

US-Japan deal's 9-1 investment profit split limited in scope: Tokyo

Japan's lead trade negotiator Ryosei Akazawa said that returns on investments would be decided by private companies. (Photo by Chihiro Uchiyama) SHUNSUKE USHIGOME and YUKA FURUBAYASHI TOKYO -- A nine-to-one profit-sharing split trumpeted by the White House in the U.S.-Japan trade deal will apply to only a limited set of Japanese investments in America, according to according to materials released Friday by the Japanese government. The agreement includes up to $550 billion in financial support for U.S.-bound investment, some of which will have a nine-to-one profit-sharing split favoring the U.S. "based on each side's contribution and risk burden," the document said.

US auto industry blasts Japan tariff agreement as 'bad deal'
US auto industry blasts Japan tariff agreement as 'bad deal'

Nikkei Asia

time2 hours ago

  • Nikkei Asia

US auto industry blasts Japan tariff agreement as 'bad deal'

Japanese automakers such as Honda Motor will benefit from lower tariffs on exports to the U.S., but still face higher rates on exports from Mexico. © Reuters AZUSA KAWAKAMI NEW YORK -- The 15% tariff rate on Japanese autos and auto parts agreed in this week's deal between the U.S. and Japan has angered the U.S. auto industry, which still faces a 25% rate on its imports from elsewhere in North America. The three major American automakers -- General Motors, Ford Motor and Stellantis -- buy parts from countries with low labor costs, such as Mexico, to assemble in American factories. They also bring in finished vehicles from Mexico and Canada, as well as South Korea in GM's case. GM and Stellantis import around 40% to 50% of the vehicles they sell in the U.S.

DOWNLOAD THE APP

Get Started Now: Download the App

Ready to dive into a world of global content with local flavor? Download Daily8 app today from your preferred app store and start exploring.
app-storeplay-store