Asian stocks erase gain as Japan swings amid US vote countdown

By Jonathan Burgos and Yuko Takeo

Asian stocks erased gains in volatile trading as investors await the outcome of the US presidential election, with results from several crucial battleground states still outstanding. Japanese shares fluctuated as the yen moved wildly.

The MSCI Asia Pacific Index was little changed at 137.82 as of 10:56 am in Tokyo, after rising as much as 0.8 per cent earlier. The measure has failed to break above this year’s peak reached in September as uncertainty over the US election weighed on global equities. Investors are dealing with a volatile trading session on Wednesday, as Republican Donald Trump and Democrat Hillary Clinton ticked off easy and expected wins, while the election is likely to turn on the results of several swing states in the east.

“We’re being thrown this way and that over the voting results,” said Tomoichiro Kubota, a senior analyst at Matsui Securities Co. in Tokyo. “Overall, the market has priced in a Hillary victory by about 80 to 90 per cent. If Trump wins, we can’t deny the possibility of wild moves.”