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As on : 23-Oct-2024
Market Commentary - Foreign Markets
23-Oct-2024     16:02

Japanese markets underperform ahead of elections

Japanese markets lost ground as investors were reluctant to place major bets ahead of the country's upcoming lower house election.

Sentiment was also dented by rising Treasury yields due to shifting expectations around how fast and deep the Federal Reserve will cut rates.

The Nikkei average fell 0.80 percent to 38,104.86 after media polls suggested that the ruling Liberal Democratic Party (LDP) and its coalition partner Komeito may lose their majority in the election. The broader Topix index settled 0.55 percent lower at 2,636.96.

Staffing agency Recruit Holdings slumped 4.9 percent and Uniqlo-owner Fast Retailing dropped 1.7 percent while automakers Honda Motor and Toyota surged 2-3 percent on the back of a weaker yen.

Tokyo Metro shares jumped 45 percent on the first day of trading for the company.

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