Asian Market Mixed; Nikkei 225 Fell on PM Kishida’s Rating

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 to 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 with 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. 

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