Yet despite the widely expected win, the Nikkei 225 fell 1.3% to 17,144.41 after a business confidence survey showed ongoing challenges facing big manufacturers.
The Tankan index fell below forecasts as firms expected conditions to worsen.
The dollar was down to 118.66 yen after dropping as low as 117.78.
Rest of Asia In Greater China, the Hang Seng was lower by 1.1% at 23,003.02, while the Shanghai Composite was down 0.8% to 2,915.36.
Shares in Australia were down as news of a hostage siege in Sydney, where the benchmark index is located, overshadowed the country's budget forecast.
Several people have been taken hostage by at least one armed man in a Sydney cafe.
Meanwhile, the government said it expected the nation's deficit to grow to $40.4bn Australian dollars ($33.2bn) in the 12 months to June.
Earlier in the year, the deficit was forecast to come in at A$29.8bn.
The country's treasurer Joe Hockey said falling prices for key resource exports was hurting the economy.
The benchmark S&P/ASX 200 down 0.4% at 5,200.70.
In South Korea, shares headed lower after data showed exports in November fell 2.1% from a year ago, worse than a provisional 1.9% decline reported earlier.
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