The yen strengthened after Japanese Prime Minister Shinzo Abe’s party was crushed in Tokyo elections. Stock futures in Asia signaled gains.
Exit polls indicated the Liberal Democratic Party will probably win the fewest ever seats in the Tokyo assembly, adding to pressure on Abe, who’s been hit by a spate of scandals, and spurring speculation he may reshuffle his Cabinet. A week that may get off to a slow start with U.S. markets closed Tuesday will culminate with Friday’s jobs report.
With global equities trading near a record high on bets of improving growth, stocks continue to be one of the best-performing assets this year, with emerging-market shares soaring in the first six months of 2017. Central banks stole the limelight last week as a more hawkish tilt spurred somereassessment from investors on policy steps.
Attention now turns to a swathe of manufacturing reports due in Asia, including China and Japan. History shows the dollar may be in for more pain after its worst start to a year since 2006, while the euro remains the strongest major currency this year on bets a recovery is broadening.
Haruhiko Kuroda shouldn’t serve another term as governor of the Bank of Japan because the central bank will need fresh ideas as it moves toward exiting years of unprecedented monetary easing, according to an adviser to the prime minister.
Source: Bloomberg Pro Terminal
Jr Trader Alexander Kumanov
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