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Sunday, 21 July 2013

USDJPY and the Japanese Election


  • Japanese Elections Sunday night.  Japanese PM Shinzo Abe LDP battle to win his control of both chambers of parliament,  This would allow him to press forward with Abenomics (monetary easing, fiscal stimulus, and deregulation)
Daily view 


Japanese Prime Minister Shinzo Abe has won a majority in the upper house, exit polls suggest.
His Liberal Democratic Party and its junior partner New Komeito were set to get at least 71 of the 121 seats being contested, broadcaster NHK projected.
This would give him control of both houses of parliament for the first time in six years.
Mr Abe said the expected result was an endorsement of his economic reforms, as he seeks to end long-term stagnation.
The deadlock in parliament has been seen as a key factor in Japan's recent "revolving door" of prime ministers.
4hr View Broken Down 

Hrly Time Fame 
Official results are not expected until Monday.
But the exit poll suggested Mr Abe's coalition would control 130 seats in the 242-seat upper house. Half the seats were being contested in Sunday's election.
The result is being seen as a vote of confidence in Mr Abe, says the BBC's Rupert Wingfield-Hayes in Tokyo.
He has the power - the question is whether he has the will, too, says our correspondent.
Media reports said voter turnout was lower than in the last upper house election, in 2010.




Daily Trend: Correctively Bullish
4hr Anchor: Bullish
1hrly Swing Projection Slightly Neutral with a Bullish bias


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