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Japan's Nikkei leads Asian markets Japan's Nikkei leads Asian markets
(about 3 hours later)
The Nikkei led Asian markets on Tuesday after closing down on Monday on news of a recession in Japan. Japan's Nikkei bounded on Tuesday as investors anticipated the announcement of a snap election and a delay to the planned sales tax rise.
Japan's Nikkei 225 closed up 2.2% at 17,344.06, after suffering its biggest one-day drop since August on Monday. The Nikkei 225 closed up 2.2% at 17,344.06, after having suffered its biggest one-day drop since August on Monday.
Reports of Japanese Prime Minister Shinzo Abe calling a snap election in December and delaying a rise in the sale tax gained momentum. After the markets closed, Japan's Prime Minister Shinzo Abe called an early election, two years ahead of schedule.
At a news briefing, he said he would dissolve parliament later this week.
He also said he was delaying a planned but unpopular increase in the country's sales tax.
In April this year, the sales tax was increased for the first time in 17 years, from 5% to 8%, but the move has dented consumer confidence and has had a negative impact on the economy.
Private consumption accounts for some 60% of Japan's economy.
The yen traded at 116.51 yen to the dollar after hitting a seven-year low of 117.06 on Monday.The yen traded at 116.51 yen to the dollar after hitting a seven-year low of 117.06 on Monday.
Confidence was also boosted by comments on Monday from European Central Bank (ECB) president Mario Draghi, who said the ECB was ready to provide more stimulus. Elsewhere in Asia, shares in Hong Kong's Hang Seng index closed down 1.1% at 23,529.17 points after data showed that average new home prices in China's 70 major cities fell 2.6% in October from a year earlier.
Shares in Hong Kong's Hang Seng index fell 0.9% to 23,583.98 after data showed that average new home prices in China's 70 major cities fell 2.6% in October from a year earlier. On the mainland, the Shanghai Composite was closed down 0.71% at 2,456.37 points.
On the mainland, the Shanghai Composite was down 0.7% at 2,457.39.
In Australia, shares hit a three-week low as falling iron ore prices hit mining stocks.In Australia, shares hit a three-week low as falling iron ore prices hit mining stocks.
The benchmark S&P/ASX 200 index closed down 0.2% at 5,399.7, extending Monday's near-1% fall.The benchmark S&P/ASX 200 index closed down 0.2% at 5,399.7, extending Monday's near-1% fall.
Iron ore miner BC Iron led the losers, down more than 10%, while Fortescue Metal dropped more than 6%.Iron ore miner BC Iron led the losers, down more than 10%, while Fortescue Metal dropped more than 6%.
South Korean shares ended a three-day losing streak by closing up 1.2%, with the Kospi at 1,967.01 points.South Korean shares ended a three-day losing streak by closing up 1.2%, with the Kospi at 1,967.01 points.