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Election In The Books

JPY

The LDP's relatively solid showing in Japan's general election sapped strength from the yen on Monday. USD/JPY rose to Y114.44 but then gave away the bulk of initial gains, as the greenback went offered across the board.

  • PM Kishida pledged to unveil a fresh stimulus package by mid-November and include it in an extra budget to be passed by the end of the year.
  • Elsewhere, the minutes from the BoJ's Sep monetary policy meeting were pretty stale, provided little in the way of fresh insight.
  • Japan's Jibun Bank Services PMI comes out tomorrow, with household spending due Friday.
  • USD/JPY last trades at Y114.05, a handful of pips higher on the day. Bulls look to a move through Oct 20, 2021/Nov 6, 2017 highs of Y114.70/73, which would open up Mar 10, 2017 high of Y115.51. Bears would be pleased by a retreat past Oct 12 low of Y113.00.

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