Asian Markets Surge Amidst Political Uncertainty in Japan

Asian markets saw an uplift on Monday as the yen fell due to political uncertainties in Japan after the ruling party's electoral losses. With a weak yen benefiting exporters, Tokyo stocks rose significantly. Meanwhile, US stocks ended a losing week, as global economic reports took center stage.

On Monday, Asian shares experienced an elevation as the yen weakened amid political tension following Japan's ruling party's loss of its lower house majority in Parliamentary elections over the weekend.

Currency trading saw the US dollar rise to 153.76 yen, contrasting last month's 140 levels, while the euro dropped marginally to USD 1.0796 against the dollar. The softer yen proved advantageous for major Japanese exporters like Toyota, Nintendo, and Sony, who saw stock gains between 2% and 3.7%.

Japan's Liberal Democratic Party remains the leading party, but its coalition with Komeito lost its previous majority of 279 seats, casting future policy decisions into uncertainty. Tokyo market analysts had anticipated the electoral defeat. Japan's Nikkei 225 index rose by 1.6%, among other Asian market gains.

(With inputs from agencies.)