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Back to Daily DR Market Summary

StreetAccount Summary - Asian Market Recap: Nikkei +3.10%, Hang Seng +0.90%, Shanghai Composite (0.64%) as of 03:10 ET

Jan 13 ,2026

  • Synopsis:

    • Asia equities ended mostly higher Tuesday. Japan markets closed sharply higher partially on catch-up to Monday's moves elsewhere and partially on increased signals the government is set to call a snap general election. Seoul and Taipei ended with more gains, Australia's ASX was higher again too while Singapore's STI ended at a fresh record. Mainland China was lower, the Hang Seng held on to gains but was well off its peak. India's main benchmarks trading lower. Southeast Asia mixed. US futures slightly lower for now while Europe opened mixed. US dollar marginally higher, yen notably weaker and firmly in former intervention range; won also weakening again, other Asia currencies flat. Treasury yields higher across tenors, JGB yields stretching to multi-year highs. Crude oil higher, precious metals mixed, base metals off recent peaks.

    • Asia equities dominated by the sharp surge in the Nikkei 225 and Topix benchmarks, sparked by increasing speculation of a snap general election, which has traditionally been supportive of equities and bond yields, and negative for the yen. The yen fell to its weakest level against the US dollar in more than 18 months and well inside previous intervention levels, but this fueled exporters and large-cap trading house stocks; defense and nuclear-related stocks were also notable outperformers as the 'Takaichi trade' stocks rose in tandem. However, PM Takaichi's large-scale fiscal spending plans also weighed on JGB prices and pushed the 10Y yield to a new 27-year high.

    • In other developments, President Trump said Washington and Taipei were closer than ever to signing a trade deal that would see Taiwan's general tariff rate drop to 15% from 20% and commit TSMC to construct five new plants in the US. Trump also said he would impose a 25% tariff on any trading partner of Iran including China, threatening to upend their current trading truce. Few economic developments to change the market's trajectory: overnight, India CPI inched higher but not by enough to trouble the RBI. New Zealand's quarterly business sentiment survey was the highest in more than eleven years but Australia consumer sentiment fell m/m to a three-month low.

    • A Suzuki Motor (7269.JP) subsidiary has bought land from the Gujarat state government to construct a new vehicle production factory. Kolon Industries (120110.KS) is close to signing a polymide supply contract with 'global customers' and will expand production in anticipation of the contract being signed. SK Hynix (000660.KS) is to spend KRW19T ($12.9B) to build a new advanced ship packaging facility in Cheongju to accommodate surging AI-related demand. AirAsia X (5238.MK) is to be renamed "AirAsia" within days as the company's restructuring plan nears completion.

  • Digest:

    • Japan PM Takaichi intends to announce snap election at start of regular Diet session:

      • Kyodo, citing a source, reported Japan Prime Minister Takaichi has told a senior LDP member of her intention to dissolve the lower house when the regular Diet session begins 23-Jan. An election must be held within 150 days of dissolution though this is now moot given the two proposed dates are 8-Feb or 15-Feb. Chief Cabinet Secretary Kihara officially relayed plans for the session start date to Diet affairs committees in both houses of parliament (Nikkei). Additionally, no schedule was proposed for a series of four key policy speeches that customarily kicks off the session (a move previously flagged as a strong indication of a forthcoming dissolution). Opposition parties protested against a snap election. Kihara could not offer confirmation, noting a decision was at the sole discretion of the Prime Minister. Parties now seemingly scrambling for contingency plans. DPP leader Tamaki told reporters that a snap election would make cooperation with the government difficult (Nikkei). An election is said to be certain to push back passage of the FY26 general budget bill that includes several concessions demanded by DPP and other opposition parties. Tamaki warned that failure to pass the budget bill by the end of this fiscal year would constitute a breach of their agreement, thereby damaging the government's credibility. Komeito (former coalition partner) leader Saito on NHK's Sunday political debate questioned why the government would create a political vacuum now amid global instability heightened by Venezuela developments (Nikkei). Also recently outright rejected any ambitions to rejoin the coalition (Nikkei). Now in opposition, Saito reportedly met with CDP leader Noda on Monday, thought to be discussing potential election cooperation (FNN News).

    • Street Account Market Update: Japan elections are usually positive for stocks

      • Press narrative on the Japan stock market broadly bullish. While underpinned by US gains over the long weekend, election theme was a notable mention. Narrative skewing optimistic amid prospects that an election will fortify Prime Minister Takaichi support, hence strengthening her policy mandate that will amplify prevalent market themes (fiscal expansion, weak yen, boon for defense/semis/energy sectors). Yen depreciation by extension to provide a tailwind for exporters, especially automakers. Also renews attention on the so-called 'election anomaly' termed in Japan to describe typical stock market tailwinds around snap elections. This theme gained notable traction from around mid-last year when former PM Ishiba came under increasing scrutiny, which eventually paved the way for Takaichi's emergence. MUFG historical analysis showed that since 1990, snap elections have been positive for the stock market in 11 out of 12 cases. The only market-negative phase came in the most recent vote in 2024 that ushered in the Ishiba administration against the backdrop of intense scrutiny over the LDP political fundraising scandal and the crumbling of the factional party backbone. In the other positive cases, market gains (as measured from the dissolution date to the election) ranged between 0.22% in 1990 and 12.12% in 2009.

    • More US tariff headlines, Asia trade deal talk:

      • President Trump announced on Truth Social that any country doing business with Iran will be subjected to a 25% tariff on "any and all business" conducted in the US, effective immediately. Bloomberg, citing a source, reported the Trump administration is close to finalizing a tariff agreement with Taiwan. Corroborated an earlier story by NY Times that indicated a deal (framework could be announced this month) would lower US tariffs on Taiwan to 15% from 20%. TSMC (2330.TT) would commit to building five new chip plants in Arizona, roughly doubling manufacturing presence. Stipulation would add to existing plans for TSMC to invest as much as $165B in US with six new onshore factories and two packaging facilities in Arizona. New tariff rate would be in line with that applied to Japan and South Korea. Still a lot of uncertainty, especially with a Supreme Court IEEPA ruling still imminent. Elsewhere, newly appointed US Ambassador to India Sergio Gor said at an address that US and India will resolve differences including over a trade deal with next talks to be held Tuesday (Bloomberg). Articles coincided with European developments. German Chancellor Merz suggested the possibility of an EU-India FTA by the end of January (Reuters). EU and China agreed on a framework to set floor prices for Chinese battery powered EV imports, which Beijing sees as preferable to tariffs of up to 35.3% imposed in late 2024 (AP).

    • Trump threatens tariffs on Iran's trading partners, US weighs response to protestor crackdown:

      • Iran remains focus of latest geopolitical headlines after President Trump threatened to impose 25% tariffs on countries doing business with Tehran (Bloomberg). Trump did not provide further details, and it is unclear whether there will be follow-through. China is among Iran's largest trading partners and top purchaser of Iranian crude. India, who US is currently negotiating with, also has trade ties with Tehran. Trump's tariff threat comes as administration weighs response to Tehran's deadly crackdown on protestors. Iran said it is open to negotiations on its nuclear program, a day after Trump opened door to talks (Reuters). Concurrently, Trump confirmed US military options also being considered and press sources said he will be briefed on various actions that may include airstrikes. Media sources added while Trump has not made final decision, he is leaning towards attacking Iran. However, US officials said to be wary about potential for Iranian retaliation against American interests in region. Other US options mentioned in press include cyberattacks, new sanctions and providing assistance to protestors.

    • New Zealand business optimism highest in 12 years, Australian consumer sentiment cools:

      • NZIER business survey showed net 39% of New Zealand firms expect better economic conditions over coming months, well up on prior quarter's net 17% and highest since Mar-2014. Corresponded with marked improvement in firms' own trading activity, translating to pickup in investment and hiring intentions. Sentiment was strongest in manufacturing sector with construction also feeling more upbeat about outlook. Inflation indicators remained subdued with cost pressures easing as economy continues to experience some spare capacity. Survey outcome bolstered expectations for rebound in New Zealand economic growth that keeps RBNZ on sidelines before potential pivot to rate hikes later in 2026.

      • Westpac-MI survey showed Australian consumer confidence index fell to 92.9 in January from 94.5 in December, continuing recent deterioration in sentiment amid concerns about cost-of-living and interest rates. This was reflected in a sharp decline in expectations for family finances and economy with almost 66% of respondents anticipating higher rates over next 12 months. Expectations around labor market and house prices also cooled.

    • Notable Gainers:

      • +9.3% 120110.KS (Kolon Industries): reportedly close to signing colorless polyimide supply contract with global big tech

      • +8.3% 2359.HK (WuXi AppTec): guides FY adjusted non-IFRS net profit attributable CNY14.96B vs year-ago CNY10.58B

      • +4.3% 9984.JP (SoftBank Group): Japan reportedly plans to dissolve parliament and hold snap election next month; Japan election dynamic usually positive for stocks

      • +1.9% 7269.JP (Suzuki Motor): subsidiary to purchase land from Gujarat state government for construction of vehicle production plant in India

      • +1.2% 2330.TT (TSMC): Trump administration reportedly nearing trade deal with Taiwan

      • +0.4% 1109.HK (China Resources Land): reports December gross contracted sales CNY41.00B, +28.1% y/y

    • Notable Decliners:

      • -3.1% 1301.TT (Formosa Plastics): reports Q4 EPS (NT$0.45) vs FactSet NT$0.03

      • -2.6% 003090.KS (Daewoong): to acquire 2.4M U2Bio shares at KRW5,084/share via share swap

  • Data:

    • Economic:

      • Japan

        • December bank lending +4.4% y/y vs revised +4.1% in prior month

        • November current account balance ¥3,674.1B vs consensus ¥3,608.7B and ¥2,833.5B in prior month

      • Australia January

        • Westpac-MI consumer sentiment index 92.9 vs 94.5 in December

    • Markets:

      • Nikkei: 1,609.27 or +3.10% to 53549.16

      • Hang Seng: 239.99 or +0.90% to 26848.47

      • Shanghai Composite: (26.53) or (0.64%) to 4138.76

      • Shenzhen Composite: (38.48) or (1.42%) to 2676.04

      • ASX200: 49.10 or +0.56% to 8808.50

      • KOSPI: 67.85 or +1.47% to 4692.64

      • SENSEX: (400.40) or (0.48%) to 83477.77

    • Currencies:

      • $-¥: +0.73 or +0.46% to 158.8950

      • $-KRW: +5.24 or +0.36% to 1472.9200

      • A$-$: (0.00) or (0.08%) to 0.6706

      • $-INR: +0.09 or +0.10% to 90.2657

      • $-CNY: +0.00 or +0.03% to 6.9752

This information and data is provided for general informational purposes only. The Bank of New York Mellon and our information suppliers do not warrant or guarantee the accuracy, timeliness or completeness of this information or data. We provide no advice nor recommendation or endorsement with respect to any company or securities. We do not undertake any obligation to update or amend this information or data. Nothing herein shall be deemed to constitute an offer to sell or a solicitation of an offer to buy securities.
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