Yen mired in political uncertainty; dollar looks to key data releases
yen languished near a three-month trough on Tuesday as the loss of a parliamentary majority for Japan's ruling coalition in weekend elections raised uncertainty about the nation's political and monetary outlook.
Elsewhere, the dollar eased a touch, though remained not too far from its recent high ahead of major U.S. data releases later in the week that could determine the path for Federal Reserve policy.
The yen was last 0.1% higher at 153.12 per dollar, after having slumped to a low of 153.885 on Monday — its weakest level since July — following Japan's national election on Sunday that left the make-up of the country's future government in flux.
A period of wrangling to secure a coalition is likely after Japan's Liberal Democratic Party and its junior partner Komeito won 215 lower house seats to fall short of the 233 needed for a majority.
«All up, the risks appear skewed to looser fiscal policy than otherwise under the new government,» said Carol Kong, a currency strategist at Commonwealth Bank of Australia.
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