Japanese Yen Stable After Announcement of Snap Election

The Japanese yen was stable today despite the announcement of a snap election in October.

According to reports, Prime Minister Shinzo Abe dissolved the parliament, announcing a snap election on October 22. He hopes to capitalize on rising approval rating, caused by his response to the North Korean threat. But the Party of Hope, newly created by Tokyo Governor Yuriko Koike, can pose serious challenge for Abe’s plans for securing power.

USD/JPY traded at 112.72 as of 9:55 GMT today after opening at 112.81 and rising to the session maximum of 113.20. EUR/JPY traded at about 132.70 following the opening at 132.49.

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