Following the Japanese upper-house election over the weekend, the dollar has once again fallen below 100 against the yen.
As expected, the party of Prime Minister Shinzo Abe (the LDP) one big in upper house elections. But there’s a little bit of talk that maybe they could have done slightly better (they didn’t win an outright majority, and will have to be part of a coalition). Or perhaps the big victory was totally priced in.
Nonetheless, there’s a slight bout of risk aversion to start the week, and so the yen is strengthening, countering the general trend since Abenomics began, which has seen the yen weaken considerably.
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