TOKYO (AP) — Asian stock markets rose Monday as the yen tumbled amid political uncertainty after Japan’s ruling party lost its majority in the lower house of parliament in weekend elections.

In foreign exchange trading, the US dollar rose from 152.24 yen to 153.76 Japanese yen. It was trading at 140 yen last month. The cost of the euro fell from $1.0803 to $1.0796.

The weak yen weighed on Toyota Motor Corp., whose shares gained 3.7% in Tokyo trading. It has been a boon for Japan’s giant exporters such as Nintendo Co. Sony Corp gained 2.6%. increased by approximately 2.0%.

Japan’s ruling Liberal Democratic Party remains at the top, but some members failed to win re-election in Sunday’s election after a scandal over unreported campaign funds.

It’s all been said, Ruling coalition with junior partner Komeito According to Japanese media, it secured 215 seats, a sharp drop from the majority of the 279 seats it previously held. A change of government is not expected, but the LDP may need a third coalition partner.

Tokyo shares rose. Analysts say the defeat of the ruling party was largely expected and reflected in the markets in advance.

Japan’s benchmark Nikkei 225 rose 1.6% to 38,527.52 in morning trading. Australia’s S&P/ASX 200 index rose about 0.1% to 8,217.80 points. South Korea’s Kospi index increased by 0.6% to 2,598.73 points. The Hong Kong Hang Seng index increased by 0.1 percent to 20,614.74 points, and the Shanghai Composite index increased by 0.3 percent to 3,310.63 points.

On Wall Street, US stock indices finished last week with a mixed close, marking the market’s first losing week since the beginning of September.

The S&P 500 index closed little changed after gaining 0.9% earlier in the day. The Dow Jones Industrial Average fell 0.6%, posting its first weekly loss after six straight gains. The Nasdaq composite rose 0.6 percent.

Company earnings reports, which are mostly solid, continue to be a key focus for investors. More than one-third of the companies in the S&P 500 index announced their latest quarterly financial results. Many of the results exceeded analysts’ forecasts. Companies around the world are scheduled to report earnings in the coming weeks.

Treasury yields finished last week generally higher. The yield on the 10-year Treasury note rose to 4.24% on Friday from 4.21% at the end of Thursday.

Yields rose across the board following reports showing the U.S. economy remains stronger than expected. Wall Street will release more updates on consumer confidence, employment and inflation next week.

The Fed raised its benchmark interest rate to its highest level in two decades in an effort to bring inflation back to 2 percent without plunging the economy into recession.

A major report on U.S. consumer spending, called PCE, is expected to be released later this week. Analysts expect this to show the inflation rate falling to 2%. The central bank started cutting interest rates in September, and economists expect another cut at its November meeting.

Russia’s central bank raised interest rates by two percentage points on Friday reached a record high of 21%. Moscow tries to combat rising inflation driven by military spending invasion of Ukraine.

In energy trading, benchmark US crude oil fell by $3.19 to $68.59 per barrel. Brent crude oil, the international standard, fell $3.25 to $72.80 per barrel.

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AP Business Writers Damian J. Troise and Alex Veiga contributed to this report.

Yuri Kageyama in X: