The death of Shinzo Abe, right, has robbed a powerful faction in the ruling LDP of its leader and could give Prime Minister Fumio Kishida more freedom to pursue his own agenda. (Nikkei montage/Uichiro Kasai/Ken Kobayashi/Tetsuya Kitayama)
TOKYO -- Tokyo stocks staged a celebratory rally on July 11, following Prime Minister Fumio Kishida's victory in the upper house election.
But the rally ran out of steam the following day as concerns spread over inflation in the United States. In the foreign exchange market, the Japanese currency has since lost more than 3 yen against the U.S. dollar to hit a fresh 24-year low below 139 to the dollar.