Japanese shares advance as Shinzo Abe elected

Source: Dukascopy Bank SA
© scanpoix/AFP
Japanese equities gained on speculation the nation's new prime minister would launch more aggressive fiscal and monetary policies.  The new prime minister Shinzo Abe pledged for more monetary easing and big government spending to recover the Japanese economy from its fourth recession. Meanwhile, the yen weakened to its lowest level since April 2011, boosting up the shares of exporting companies. The index advanced 1.49% to  10,230.36. All but two industries edged higher. The Shares of Financials, Industrials and Consumer services surged the most amid hopes for Abe to draw out a firm monetary policy. Among best performers were Sharp Corporation, Shinsei Bank and Kawasaki Kisen Kaisha by adding 15.38%, 10.39% and 8.13%, respectively, while the property developer Mitsui Corporation, surged 1.7%. The only two industries falling were Oil and gas and Utilities by losing 0.35% and 0.30%, subsequently. SKY Perfect A&T Holdings, Ajinomoto Corporation and Mitsubishi Motors were the worst performing companies by erasing 2.07%, 2.07% and 1.22%, respectively.
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