Markets across Asia were largely positive in Thursday trade as they tracked Wall Street's best post-midterm rally since 1982 and investor fears of a surprise election result were quelled.
Summing up the market response Adam Joseph, executive director of Validus Equities, said: “One thing investors want is an absence of change. The fact there is now oversight of the President is good news. Gridlock is positive for the market because investors like the status quo.”
Nikkei 225 was up 1.82% at 22,486.92, following Wall Street's gains in the wake of the US midterm election, while the yen was down against the dollar by 0.14% at JPY113.68.
Major exporters such as Sony and Toyota, which gained 3% and 1% respectively, performed well and oil company Inpex was up by 6%.
China's Shanghai Composite fell by 0.22% to 2,635.63 and the Shenzhen Composite dropped by 0.48% to 1,333.98, both finishing lower despite early gains following the release of October import and export data that surpassed analysts' expectations.
Exports jumped by 15.6% month-on-month when traders had been expecting 11%, while imports jumped by 21.4%, ahead of economist forecasts of a 14% increase.
David Madden, market analyst at CMC Markets, said: “The latest figures would suggest the trading relationship needs to be rebalanced. That being said, the political dynamic has changed in light of the midterms. The popularity of the Democrats could be a sign that the voters didn't like Trumps tactics regarding China.”
Meanwhile, Hong Kong's Hang Seng Index was up 0.31% at 26,227.72 as index giants CNOOC and Tencent were both on the up, as was China Mobile which gained 3%.
But it was not all positive as AAC Tech dropped by 7% after an early 4% gain, while casino stocks Wynn Macau, Galaxy Entertainment and Sands China all dropping by more than 3% after the former was downbeat on its fourth quarter guidance in a newly released earnings report.
South Korea's Kospi gained 0.67% to reach 2,092.63 after technology giant Samsung crept upwards following the unveiling of its first foldable smartphone, which bends like a book and can be opened up to tablet size.
Oil remained steady, as Brent Crude was down 0.01% at $72.06 and WTI dropped 0.03% to $61.65.
Australia's S&P/ASX 200 increased by 0.53% to 5,928.23 as three of the nation's four major banks made gains despite the Australia Prudential Regulation Authority stating that it will increase the total capital requirement for the banks by 4 to 5% of risk-weighted assets within five years.
National Australia Bank was the lone faller of the quartet, dropping 4% over the course of the session.
Meanwhile, Afterpay Touch stormed ahead, its shares rising 11% after the buy-now-pay-later company announced it had signed up 0.3m US customers since starting operations in the country less than six months ago.
In New Zealand the S&P/NZX 50 was up 0.47% at 8,896.01 as investors were relieved that the US midterms failed to throw up any major surprises.
“New Zealand has taken the lead from overseas. I don't think it was an unexpected outcome and it's the unexpected, the uncertainty that the market doesn't like,” said Forsyth Barr broker Suzanne Kinnaird.
Synlait Milk was the index's top gainer as it added 3.6% and SkyCity was just behind with a 3.5% gain after confirming that it has agreed a deal sell its Darwin casino for AU$188m as part of a plan to free up capital and focus on its more profitable Auckland and Adelaide operations.
The Australian dollar was up 0.12% against the greenback at AU$1.37, while New Zealand's dollar dropped 0.12% against the dollar to NZ$1.48.