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Nikkei 225 Up 1.1% on Election Win By Ruling Bloc, Softer Yen

MT Newswires ·  07/11 17:58

05:56 AM EDT, 07/11/2022 (MT Newswires) -- The Nikkei 225 opened higher Monday, wobbled, but finished up 1.1% after the ruling Liberal Democratic Party secured a sizable victory in Sunday's national elections. The Japanese currency, the yen, sank to a fresh 24-year low against the US dollar, near 137.00 to the greenback, boosting exporters.

The benchmark Nikkei 225 rose 295.11 to 26,812.30, as gaining issues outnumbered losers 201 to 19.

Leading the upside were department-store chain Isetan Mitsukoshi (IMHDF, 3099:Tokyo), up 4.9%, followed drugmaker Daiichi Sankyo (DSKYF, 4568:Tokyo), up 4.4% and then game-maker Konami (KNAMF, 9766:Tokyo), up 4.2%.

The worst performers of the session were Yaskawa Electric (YASKY, 6506:Tokyo), down 5.6% and then chemical-concern Toray Industries, (TRYIY, 3402:Tokyo) off 5.1%.

In economic news, Japan's "core" private-sector machinery orders, excluding those for ships and electric power companies, fell a seasonally adjusted by 5.6% in May from April, reported the Cabinet Office.

In other news, the Bank of Japan upgraded its quarterly view on seven of the nation's nine regional economies, due to ebbing pandemic restrictions and rising private consumption.

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