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Abe win does little to boost Nikkei Abe win fails to boost Japan's Nikkei
(about 3 hours later)
The focus of Asian markets on Monday was on Japan after Prime Minister Shinzo Abe's coalition won a snap election on Sunday.The focus of Asian markets on Monday was on Japan after Prime Minister Shinzo Abe's coalition won a snap election on Sunday.
Yet despite the widely expected win, the Nikkei 225 fell 1.3% to 17,144.41 after a business confidence survey showed ongoing challenges facing big manufacturers. However, despite the widely-expected win, the Nikkei 225 closed down 1.6% at 17,099.40 as the latest Tankan business survey disappointed the market.
The Tankan index fell below forecasts as firms expected conditions to worsen. Confidence among big manufacturers fell slightly, the Tankan showed.
The dollar was down to 118.66 yen after dropping as low as 117.78. It also found that while exporters have been helped by the weak yen, higher import costs have hit other firms.
On the currency markets, the US dollar was trading at 118.66 yen after earlier dropping as low as 117.78.
Rest of AsiaRest of Asia
In Greater China, the Hang Seng was lower by 1.1% at 23,003.02, while the Shanghai Composite was down 0.8% to 2,915.36. In Greater China, Hong Kong's Hang Seng index was 1.1% lower at 22,987.71 points, while the Shanghai Composite edged up slightly in afternoon trade, rising 0.07% to 2,940.24 points.
Shares in Australia were down as news of a hostage siege in Sydney, where the benchmark index is located, overshadowed the country's budget forecast. In Australia, news of a hostage siege in Sydney, meant the the country's budget forecast announcement was delayed by a few hours.
Several people have been taken hostage by at least one armed man in a Sydney cafe.Several people have been taken hostage by at least one armed man in a Sydney cafe.
Meanwhile, the government said it expected the nation's deficit to grow to $40.4bn Australian dollars ($33.2bn) in the 12 months to June. The government said it expected the nation's deficit to grow to $40.4bn Australian dollars ($33.2bn) in the 12 months to June, up from a previous forecast of A$29.8bn.
Earlier in the year, the deficit was forecast to come in at A$29.8bn. The country's treasurer Joe Hockey said falling prices for key resource exports were hurting the economy.
The country's treasurer Joe Hockey said falling prices for key resource exports was hurting the economy. The benchmark S&P/ASX 200 closed down 0.6% at 5,186.10 points.
The benchmark S&P/ASX 200 down 0.4% at 5,200.70.
In South Korea, shares headed lower after data showed exports in November fell 2.1% from a year ago, worse than a provisional 1.9% decline reported earlier.In South Korea, shares headed lower after data showed exports in November fell 2.1% from a year ago, worse than a provisional 1.9% decline reported earlier.
The benchmark Kospi was down 0.4% at 1,913.8. The benchmark Kospi was closed down 0.07% at 1,920.36 points.