The Japanese Yen has had a mixed session so far with it beginning Monday’s session down before recovering strongly against the US Dollar and other currencies.
The currency initially dipped despite Sunday’s upper parliamentary house election win by Japanese Prime Minister Shinzo Abe’s ruling party. Abe said that his win will help him to form a stable and secure cabinet which will end concerns over political volatility.
The win means that Abe is the first Prime Minister to have control over both parliamentary houses in six years. Mr Abe said that the result was an endorsement for his conservative political and economic reforms.
“We have received overwhelming support from the people for our policies of improving the economy, and solid and stable politics.” The Prime Minister told reporters after the election result was revealed.
The widely expected victory is likely to pave the way for the government to pursue pro-growth policies and fiscal reforms to go alongside the Central Bank’s aggressive monetary easing programme.
Abe’s Liberal Democratic Party and its coalition party, the New Komeito party, won 76 of the 121 seats up for grabs in the 242-seat upper house.
“With the election now behind us, stability is expected in the Japanese political scene, facilitating Prime Minister Abe’s efforts to push through structural reform, tax reform and deregulation,” said Tohru Sasaki, head of Japan rates and FX research at JPMorgan Chase Bank in Tokyo.
Current Japanese Yen (JPY) Exchange Rates
The US Dollar/Japanese Yen Exchange Rate is currently in the region of: 100.0342
The Pound Sterling/Japanese Yen Exchange Rate is currently in the region of: 152.8967
The Euro/Japanese Yen Exchange Rate is currently in the region of: 131.6140
The New Zealand Dollar/Japanese Yen Exchange Rate is currently in the region of: 79.1618
The Australian Dollar/Japanese Yen Exchange Rate is currently in the region of: 91.9995
(Correct as of 10:35 am GMT)
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