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.