On Wednesday, the Asian market struggled for direction as Japan’s Nikkei 225 index plunged on the low approval ratings of Prime Minister Fumio Kishida.
Accordingly, the benchmark Nikkei 225 declined 1.14% or 316.31 points to $27,505.81 per share.
Remarkably, auto and truck manufacturers sank at the bottom of the index.
For instance, Mitsubishi Motors Corp. slumped 7.55% or 0.21 to $2.63 per share.
Correspondingly, Nissan Motor Co. tumbled 5.20% or 29.00% to $4.68 per share.
Likewise, Mazda Motor Corp. lost 4.97% or 0.42 points or $8.05 per share.
At the same time, the broader TOPIX index shed 0.33% or 6.50 points to $1,941.25 per share.
Asia’s largest medicinal drug firm Takeda Pharmaceutical plunged 6.17% or 1.96 points to $29.97 per share.
Similarly, the Tokyo-based Chugai Pharmaceutical fell 3.01% or 1.08 points to $34.94 per share.
Consequently, market participants were disappointed about the low public support for the new Japanese prime minister.
Whereas his approval rating was at 45.00%, significantly lower than the previous administration.
In addition, PM Kishisda’s plan to increase capital gains could potentially drive stock sell-offs as investors keep profits before the tax hike.
Elsewhere, South Korea’s KOSPI lowered 0.95% or 28.12 points to $2,934.05 per share.
Meanwhile, Singapore’s Straits Times index improved 0.30% or 9.02 points to $3,077.55 per share.
In India, the NIFTY 50 index climbed 0.07% or 12.90 points to $17,832.75 per share.
Also, the benchmark BSE SENSEX improved 0.07% or 48.25 points to $59,802.76 per share.
Pacific Stocks Declined as Asian Market Mixed
Furthermore, Australia’s S&P/ASX 200 index diminished 0.58% or 41.90 points to $7,206.50 per share.
At the same time, New Zealand’s benchmark S&P/NZX 50 curtailed 0.25% or 33.55 points to $13,166.44 per share.
Subsequently, the Reserve Bank of New Zealand increased its official cash rate to 0.50%, the first-time lift in 7 years.
Moreover, the central bank followed South Korea and Norway as the earliest to elevate rates in the pandemic period.
In general, MSCI’s broadest index of Asia-Pacific shares outside Japan pared 0.50% or 3.16 points to $624.08 per share.
Meanwhile, Chinese mainland markets closed on Wednesday trading in celebration of their holiday.