Asia-Pacific markets traded mostly higher Monday as investors assessed Japan’s Prime Minister Shigeru Ishiba’s resignation announcement over the weekend, as well as China exports data.
In Japan, the Nikkei popped 625.06 points, or 1.5%, to 43,643.81, following the prime minister’s statement, which came after weeks of mounting pressure over his national election defeat late last year.
In Hong Kong, the Hang Seng climbed 215.93 points, or 0.9%, to 25,633.91.
Koizumi Shinjiro, the Japanese agricultural minister and son of a former prime minister, is a likely contender to take the helm, Stefan Angrick, head of Japan and frontier markets economics at Moody’s Analytics said in a Monday note.
Meanwhile, Sanae Takaichi, protege of the late Prime Minister Abe Shinzo and a runner-up in last year’s party contest, is also a key contender.
The Japanese yen weakened 0.64% to 148.33 against the greenback, while Japanese bonds continued their selloff.
Japan’s 30-year bond yield rose over 4 basis points to 3.272% after notching a record high last Wednesday, having surged more than 100 basis points this year. The yield on the 20-year debt is over three basis points higher at 2.676%.
Japanese government bond yields have been notching fresh highs as investors price in persistent inflation, tighter monetary policy, as well as fiscal uncertainty.
CHINA
In Shanghai, the CSI 300 advanced 7.25 points, or 0.2%, to 4,467.57.
China’s August exports climbed by a less-than-expected 4.4% in U.S. dollar terms from a year earlier. Reuters-polled economists had estimates a 5.0% rise. Imports also grew less than expected due to the persistent real estate slump, rising job insecurity, among other factors.
In other markets
In Singapore, the Straits Times index edged up 1.44 points, or 0.2%, to 4,308.52.
In Korea, the Kospi gained 14.47 points, or 0.5%, to 3,219.59.
In Taiwan, the Taiex index marched ahead 52.8 points, or 0.2%, to 24,547.38.
In New Zealand, the NZX 50 added 57.62 points, or 0.4%, to 13,281.15.
In Australia, the ASX 200 fell 21.64 points, or 0.2%, to 8,849.59.
