Yen Strengthens as Ruling Party Loses Majority

Asia-Pacific markets mostly rose Monday, after the People’s Bank of China stood pat on its one-year and five-year loan prime rates.

Markets in Japan were closed for holiday.

The Japanese yen strengthened after the ruling party’s defeat in the upper house elections.

In Hong Kong, the Hang Seng gained 168.48 points, or 0.7%, to 24,994.14.

U.S. Commerce Secretary Howard Lutnick on Sunday called Aug. 1 the “hard deadline” for countries to start paying tariffs, although he also added that “nothing stops countries from talking to us after August 1.”

CHINA

In Shanghai, the CSI 300 moved up 27.06 points, or 0.7%, to 4,085.61.

Shares of Chinese infrastructure, cement and engineering services counters surged Monday, following reports that Chinese premier Li Qiang announced the commencement of construction of the hydropower project on the lower reaches of Tibet’s Yarlung Tsangpo river over the weekend.

Li reportedly also unveiled the China Yajiang Group, a new company that will manage the dam’s development, state media Xinhua News Agency reported.

Gains were led by China Resources Building Materials Cement and Anhui Conch Cement which surged 13.30% and 8.76% respectively as of 2.46 p.m. local time (2.46 a.m. ET).

Gains were also seen in China National Building Material which increased by 9.40% and West China Cement which advanced 6.82%.

In other markets

In Korea, the Kospi index regained 22.74 points, or 0.7%, to 3,210.81.

In Singapore, the Straits Times index gained 17.63 points, or 0.4%, to 4,207.13.

In Taiwan, the Taiex index lost 42.57 points, or 0.2%, to 23,340.56.

In New Zealand, the NZX 50 surged 81.11 points, or 0.6%, to 12,961.51.

In Australia, the ASX 200 slid 89.01 points, or 1%, to 8,668.17.