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Asian markets oscillate after Japan vote

by Himanshu Singh on Dec 17, 2012 at 03:25

Asian markets oscillate after Japan vote

Asian markets oscillated between gains and losses on Monday in morning trade as Japanese shares surged after the Liberal Democratic Party, which backs more economic stimulus, reclaimed power in a landslide victory.

The MSCI Asia Pacific Index added 0.1% to 128 as of 11:31 a.m. in Tokyo after rising and falling as much as 0.3%. Japan’s Nikkei 225 Stock Average rose 1.6 percent, heading for the highest close since April.

Australia’s S&P/ASX 200 slid 0.2% and New Zealand’s NZX 50 Index fell 0.2%. South Korea’s Kospi Index dropped 0.1%. Hong Kong’s Hang Seng Index fell less than 0.1%. The Shanghai Composite Index rose 0.7%. Singapore’s Straits Times Index was little changed.

Taiwan’s Taiex Index dropped 0.8% as Apple suppliers Hon Hai Precision Industry Co. and Largan Precision Co. each fell more than 4.5%.

In the U.S., Republican House Speaker John Boehner and President Barack Obama remained deadlocked during their third White House meeting on next year’s budget.

Nissan Motor Co. surged 2.2% as the yen weakened to the lowest since April 2011 against the dollar.

Fairfax Media Ltd., Australia’s second-biggest newspaper company, added 3.9% after selling its remaining 51% stake in Trade Me Ltd., a New Zealand online auction site.

Asahi Glass Co. fell 2.5% in Tokyo after the Nikkei newspaper said the glass manufacturer is likely to miss its profit forecast.

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