Japan's Nikkei and yen set to lurch on political uncertainty
TOKYO - Japanese stocks and the yen are expected to fall while longer-dated domestic government bond yields are seen rising as exit polls suggest Prime Minister Shigeru Ishiba's coalition is set to lose its parliamentary majority in Sunday's election.
"The political uncertainty from the election outcome may negatively affect investors' sentiment, putting pressure on the markets in the near term," said Samuel Hoang, a portfolio manager for Japan funds at Eastspring Investments in Singapore. Ishiba, in office just a month, had set his sights on the coalition keeping the 233 seats needed for a majority in the lower house, down from the commanding majority of the LDP's 247 seats plus Komeito's 32.
Analysts at BNY expect the dollar could potentially rise to 155 yen again, as the Bank of Japan downplays the immediate need for a rate increase and the Japanese election risks stoke additional political instability.
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