Asian shares rise on Japan PM Abe's election victory

India Infoline News Service | Mumbai | October 23, 2017 09:13 IST

Asian indices opened higher led by the victory of Japanese Prime Minister Abe in the snap elections and the weakness in the ‘Yen’, which hits 113.9 against the US Dollar.

Business People
Asian indices opened higher led by the victory of Japanese Prime Minister Abe in the snap elections and the weakness in the ‘Yen’, which hits 113.9 against the US Dollar.

According to reports, Shinzo Abe's ruling coalition has secured a two-third majority, paving way for continuation of his programme which includes use of loose monetary policy.

Following the reports, the yen slumped to its lowest against the dollar since July, benefitting shares of exporting companies.

Investors also took comfort from the strong closing of US indices on Friday after the US Senate passed a budget resolution, raising hopes of a tax reform.

South Korea's Kopsi and Hong Kong's Hang Seng are trading in red. China's Shanghai Composite is trading flat while, Singapore's Straits Times, Taiwan's Taiex, Japan's Nikkei 225 gained 1%.
 

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