Tokyo’s markets were lower Wednesday after Prime Minister Shinzo Abe announced that he will resign.
He likely to be replaced, according to some political analysts, by former foreign minister and current Liberal Democratic Party secretary-general Taro Aso, although some in the Japanese media have speculated on the return of Mr. Abe’s predecessor, Junichiro Koizumi.
The news sent the Nikkei 225 down 0.5 percent to 15,797.60.
The Topix index dropped 0.27 percent to 1,528.27 while the Mothers market was 1.19 percent lower to 648.46.
The banking sector was instrumental in the session’s declines.
Mizuho (TYO: 8411; NYSE: MFG) was down 2.4 percent to ¥648,000 while Mitsubishi UFJ (TYO: 8306; NYSE: MTU) fell 1.9 percent to ¥1.02 million.
Gains in commodities prices helped trader Mitsubishi Corp (TYO: 8058; OTC: MSBHY) gain 2.5 percent to ¥3,230.
In the oil sector, Inpex Holdings (TYO: 1605) added 5.6 percent to ¥1.13 million after West Texas Intermediate crude oil closed at a new high of $78.23 per barrel in New York on Tuesday.