Japanese shares inched up in Monday morning trading on a weaker yen while traders said the ruling party’s election defeat had been already priced in.
The benchmark Nikkei 225 Stock Average added 6.79 points, or 0.07 per cent, to trade at 9,592.11, while the broader Topix index was up 1.59 points, or 0.18 per cent, at 862.8.
Tokyo stocks opened lower Monday, but they climbed as the dollar strengthened against the yen.
A weaker yen makes Japanese exports less competitive and improves overseas earnings when the revenues are repatriated.
Japan’s ruling Democratic Party of Japan suffered a heavy defeat, dealing a major setback, in Sunday’s upper house election.
On currency markets at 11 am (0200 GMT), the dollar traded at 89.11—15 yen, up from Friday’s 5 pm quote of 88. 45-47 yen.
The euro traded at 1.2586—2588 dollars, down from 1.2692—2693 dollars Friday, and at 112.18—20 yen, down from 112.26—30 yen.
