Tokyo Stocks Dip After Election
Stock prices continued to ease early today in a subdued response to weekend election results that showed Japan’s longtime ruling party lost its parliamentary majority.
The Nikkei stock index was off 73.11 points to 20,077.81 about midday, after dropping 180.61 points Monday.
Although investors had expected the ruling Liberal Democratic Party to lose its majority after 38 years, it remains unclear who will lead the new government. Hence, investors are treading water.
Meanwhile, Japan’s Economic Planning Agency said today in its monthly report that corporate pessimism over business conditions has hit bottom but economic conditions overall remain sluggish. The EPA’s outlook remains more optimistic than that of key ministries, which have not declared the nation’s slump over.
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