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Japan's central bank is expected to continue its interest rate hike cycle despite the Liberal Democratic Party's recent electoral setback, which saw it lose its majority for the first time since 2009. Analysts believe that while political instability may delay hikes, sustained yen weakness could prompt action as early as December or January. The Bank of Japan's independence is seen as crucial, with expectations of corporate earnings growth supporting market optimism.
Oil prices fell sharply on Monday as Israel's recent strike on Iran did not disrupt energy supplies, alleviating geopolitical tensions in the Middle East. Meanwhile, the yen dropped significantly after Japan's ruling coalition lost its parliamentary majority, raising concerns about future rate hikes. In other news, Eli Lilly plans to launch its weight-loss drug, Mounjaro, in Hong Kong by year-end.
Oil prices have declined following a period of calm in the Middle East. In Japan, the ruling Liberal Democratic Party (LDP) and its junior coalition partner Komeito secured 215 seats in the lower house during the recent election, as reported by public broadcaster NHK.
The Nasdaq Composite reached an all-time high, buoyed by a significant rally in Tesla shares, while the S&P 500 and Dow Jones snapped their six-week winning streaks amid disappointing earnings growth. Japan's ruling coalition lost its parliamentary majority, causing the yen to weaken against the dollar. Waymo raised $5.6 billion to expand its robotaxi service, as investors brace for a busy week of earnings reports from major tech companies.
Japan's stock futures showed mixed results following a closely contested election where the ruling Liberal Democratic Party lost its majority in the lower house, securing 214 of 465 seats. The yen weakened to 152.95, while futures for the Nikkei 225 indicated potential volatility at the market open. Meanwhile, the Hang Seng index futures pointed to a slightly weaker start, and Australia's S&P/ASX 200 began the day marginally lower.
The yen fell to its lowest level in nearly three months, dropping 0.6% to 153.27 per dollar, following Japan's ruling coalition's failure to secure a parliamentary majority in the recent election. Political instability is expected to pressure Tokyo stocks, as equity futures have also declined. Meanwhile, crude oil prices tumbled after Israeli strikes on Iran bypassed oil facilities.
Japan's general election on October 27, 2024, poses a significant challenge for Prime Minister Shigeru Ishiba and his Liberal Democratic Party (LDP), with polls suggesting a potential loss of parliamentary majority due to a funding scandal and rising inflation. The opposition Constitutional Democratic Party of Japan could gain substantial seats, while Ishiba may face difficult coalition negotiations that could complicate policy-making and impact financial markets. Voter concerns center on the economy, with many calling for tax cuts and wage increases amid rising living costs.
Japan's election is poised to challenge Prime Minister Shigeru Ishiba's coalition, with polls indicating significant losses for the ruling Liberal Democratic Party (LDP) amid a funding scandal and rising inflation. The LDP could lose up to 50 seats, potentially forcing Ishiba into power-sharing negotiations, which may complicate policy-making and impact financial markets. Voter concerns center on the economy, with many favoring tax cuts and wage increases as the country grapples with escalating living costs.
Political disputes are likely to disrupt markets, presenting challenges for the Bank of Japan. The ongoing wrangling could create instability, complicating the central bank's efforts to maintain economic stability.
G7 leaders have agreed to provide $50 billion in loans to Ukraine, with disbursements starting as early as December. The funding will be supported by revenues from frozen Russian sovereign assets, with an additional $20 billion expected from the EU and $10 billion from Canada, Britain, and Japan. Loans will be issued in installments through 2027 to meet Ukraine's urgent financing needs.
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