TOKYO, Oct 8, (AP): Shares were mostly lower in Asia on Wednesday after U.S. stocks sank to their first loss in eight days, losing momentum after the price of gold topped $4,000 per ounce for the first time. The price of gold was up $49 at $4,053.40 an ounce by late afternoon Japan time. U.S. futures were little changed, while oil prices advanced.

The Japanese yen fell sharply against the dollar on expectations that Sanae Takaichi, the conservative lawmaker likely to become the next prime minister, will push to keep interest rates low. The dollar rose to 152.39 yen from 151.90 yen, while the euro slipped to $1.1614 from $1.1659. Tokyo's benchmark Nikkei 225 shed 0.5% to 47,734.99.

It had jumped to new records earlier this week after the ruling Liberal Democrats chose Takaichi as their leader last weekend. She is expected to increase spending and to advocate for easier credit, possibly slowing efforts by the Bank of Japan to raise its key interest rate. It has remained near zero for years, even as inflation has exceeded its target of about 2%, outpacing wage increases.

"While the economic case for tighter monetary policy remains intact, we suspect that the Bank of Japan will use the pressure by Japan’s incoming government as an opportunity to delay rate hikes until January,” Marcel Thieliant of Capital Economics said in a commentary. Lawmakers in Japan's lower house of parliament are due to elect a successor to Prime Minister Shigeru Ishiba later this month.

The Liberal Democrats hold the most seats despite not having an outright majority, so Takaishi is expected to become the country's first female prime minister. Elsewhere in Asia, Hong Kong's Hang Seng dropped 1% to 26,880.81 and the S&P/ASX 200 edged 0.1% lower to 8,947.60. Markets in mainland China and South Korea were closed for holidays.

In Taiwan, the Taiex lost 0.5%. On Tuesday, the S&P 500 fell 0.4% from its all-time high, closing at 6,714.59. The Dow Jones Industrial Average lost 0.2% to 46,602.98, and the Nasdaq composite gave up 0.7% to 22,788.36. Tesla was the heaviest weight on the market and dropped 4.4% after unveiling cheaper versions of two of its electric car models.