Asian shares rise after Japan's prime minister resigns
Asian stock markets react after Japan’s Prime Minister resigns
- Japanese Prime Minister Shigeru Ishiba announced his resignation, a move anticipated by analysts, leading to an upcoming election for the ruling Liberal Democratic Party.
- Despite the political uncertainty, Asian stock markets largely saw gains, with Japan's Nikkei 225 rising significantly, while South Korea and Hong Kong also edged up.
- Japan's Cabinet Office reported that the economy grew at a stronger-than-expected annualised rate of 2.2% in the fiscal first quarter, driven by robust consumer spending.
- Wall Street stocks closed lower on Friday amid concerns over the US job market's slowdown and its potential impact on Federal Reserve interest rate decisions.
- A disappointing US Labor Department report showed fewer August hires than anticipated, increasing market expectations for the Federal Reserve to cut its main interest rate in September.