Tokyo stocks fell almost 5% on Monday, following a vote Friday that ensures Japan will soon have a prime minister who is relatively hawkish and not inclined to prime the economic pumps.
The action started Friday when the yen strengthened after the victory of Shigeru Ishiba in the race to become president of the Liberal Democratic Party, with the currency going from above ¥146 to the dollar to about ¥143 almost immediately after the results were announced.
As the winner, he will become prime minister.
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