Japan's stocks slump after prime minister election; Shanghai benchmark soars more than 5%

Asian markets have had a wild start to the week, with Tokyo's Nikkei 225 index tumbling nearly 5% while Chinese markets soared on news of fresh stimulus for the faltering economy. Former Japanese Defense Minister Shigeru Ishiba was chosen by the ruling Liberal Democrats to succeed Prime Minister Fumio Kishida, who will step down on Tuesday. The Japanese yen rose against the U.S. dollar and exporters' shares plunged. Chinese markets surged after the central bank announced that it would direct banks to cut mortgage rates for existing home loans. On Friday, the S&P 500 edged 0.1% below an all-time high and the Dow gained 0.3% to 42,313.00, setting its own record. The Nasdaq composite slipped 0.4%.