On July 21, Jin10 reported that strategists from ING stated that the results of the Japanese Senate election have made the outlook for the yen more uncertain. Although Prime Minister Shigeru Ishiba promised to stay in office and continue negotiations on the US-Japan trade agreement, the opposition party may seek political gain by advocating for a loose fiscal policy to address the pressure on people’s livelihoods. The strategists pointed out that these expectations have already put pressure on Japanese government bonds before the election, creating unfavourable information for the yen. Additionally, there is a risk that Ishiba could be replaced by a more conservative faction, which may call for the Central Bank of Japan to slow down interest rate hikes. “In other words, the yen’s rise today lacks clear support,” the strategists added.
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