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

In currency trading, the US dollar rose to 153.40 Japanese yen from 152.24 yen. It was trading at ¥140 levels last month. The euro was at $1.0794, down from $1.0803.

The weak yen is a boon for Japan’s export giants such as Toyota Motor Corp., whose shares gained 4.2 percent in Tokyo trading. Nintendo Co. gained 2.3%, while Sony Corp. increased by almost 2.1%.

The ruling Liberal Democratic Party remains the top party, but several members failed to win re-election in Sunday’s vote after a scandal involving undeclared campaign finance.

All said, the ruling coalition with junior partner Komeito secured 215 seats, down sharply from the majority of 279 it previously held, according to Japanese media. A change of government is not expected, but the PDL may need a third coalition partner.

Tokyo stocks rose. Analysts say the ruling party’s defeat was widely expected and factored into markets beforehand.

Japan’s benchmark Nikkei 225 rose 2.0 percent to 38,656.73. Australia’s S&P/ASX 200 gained 0.1 percent to 8,221.50. South Korea’s Kospi rose 1.0 percent to 2,610.25. Hong Kong’s Hang Seng rose 0.3 percent to 20,652.79, while the Shanghai Composite rose 0.4 percent to 3,311.74.

On Wall Street, U.S. stock indexes had a mixed finish last week, giving the market its first losing week since early September.

The S&P 500 ended little changed after rising 0.9% earlier in the day. The Dow Jones Industrial Average fell 0.6 percent and also posted its first weekly loss after six consecutive gains. The Nasdaq composite rose 0.6%.

The company’s earnings reports, which were largely solid, continue to be a key point for investors. More than a third of the companies in the S&P 500 have reported their latest quarterly financial results. Most of the results beat analysts’ forecasts. Companies around the world are scheduled to report earnings in the coming weeks.

Treasury yields ended last week broadly higher. The 10-year Treasury yield rose to 4.24 percent on Friday from 4.21 percent late Thursday.

Yields rose broadly after reports that the U.S. economy remained stronger than expected. Wall Street will have more updates next week on consumer confidence, jobs and inflation.

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

A key US consumer spending report is expected later this week, called PCE. Analysts expect it to show that the inflation rate has fallen to 2%. The central bank began cutting interest rates in September, and economists expect another cut at its November meeting.

Russia’s central bank raised its key interest rate by two percentage points on Friday at a record 21%. Moscow is trying to combat rising inflation fueled by military spending after this the invasion of Ukraine.

In energy trading, U.S. benchmark crude fell $3.38 to $68.40 a barrel. Brent crude, the international standard, fell $3.48 to $72.57 a barrel.

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

Yuri Kageyama is on X: