Yen Advances as Ishiba Holds On in Face of Election Setback

The yen strengthened versus the dollar on Monday after Japan’s Prime Minister Shigeru Ishiba said he would carry on as leader even as the ruling coalition lost its majority in the upper house election. Japanese stock futures were little changed.

Japan’s currency, which had declined in the two weeks leading up to Sunday’s vote, gained more than 1% to trade at 147.29 versus the greenback at 10:35 a.m. in New York, on track for its best day in two months. With the stock and bond markets closed for a national holiday in Japan, the currency is the key asset to watch for investors.