USD/JPY is just above 153.00, a 70 or so point jump from its late Friday level.
The Japanese election in summary:
Japan’s ruling Liberal Democratic Party (LDP) and its coalition partner Komeito have, combined, lost their majorityLDP had a majority in its own right going into the election, gone now of courseLDP and Komeito have 208 seats22 seats left to declareA party needs a majority of 233 seats in the lower house of Parliament, the Diet, to govern alone. Even LDP + Lomeito have not reached this thresholdthe largest opposition party, the Constitutional Democratic Party (CDP), won 143 seats
Counting will continue soon.
The result of the general election has triggered uncertainty about how the world’s fourth-largest economy will be governed. As I posted on Thursday in my preview (ruling LDP could lose up to 50 of its 247 seats) it looks like LDP + Komeito will negotiate with a small party to get across the 233 line.
This article was written by Eamonn Sheridan at www.forexlive.com.
