An election victory
for Prime Minister Shinzo Abe didnt stop Japanese stocks from slumping
today, as a slide in U.S. equities on concern about oils freefall and a
stronger yen weighed on sentiment.
The Topix index
declined 1.2 percent to 1,387.76 as of 9:00 a.m. in Tokyo after sinking
3.2 percent last week. The measure is poised for its lowest close since
Nov. 17. The Nikkei 225 Stock Average slid 1.4 percent to 17,121.67.
Abes ruling coalition won more than two-thirds of the 475 seats in the
lower house, about the same as before yesterdays vote. The yen jumped
0.5 percent to 118.11 per dollar amid speculation traders were locking
in profit after the results. The Standard & Poors 500 Index tumbled
1.6 percent on Dec. 12.
While Abes victory was
overshadowed by the lowest turnout since World War II, he doesnt need
to call another election until 2018, potentially making him the
longest-serving premier in four decades. The Topix has almost doubled
since the vote was called in 2012 that brought his government to power,
even as data showed the nation slipped back into recession this year
after a sales-tax increase dragged down consumption.
Futures on the
Standard & Poors 500 Index were little changed. The selloff in the
underlying equity measure on Dec. 12 picked up speed in the final hour
as the Dow average plunged more than 100 points and the S&P 500
ended about 2 points above its average price for the last 50 days, a
level monitored by technical analysts.
Source : Bloomberg
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