Dollar Index Falls as Yen Rises Following Japanese Election Results

Dollar Index Falls as Yen Rises Following Japanese Election Results

Tokyo: The US dollar index, which tracks the performance of the US currency against a basket of six major currencies, experienced a decline of 0.2 percent, settling at 97.43 at the beginning of today's trading session. This movement comes as financial markets anticipate the release of significant economic data, including reports on retail sales, inflation, and employment, scheduled for release on Wednesday.

According to Oman News Agency, the Japanese yen appreciated by 0.5 percent to 156.43 yen per dollar. This increase follows a substantial victory by the coalition led by Japanese Prime Minister Sanae Takaichi in the elections conducted on Sunday. The political outcome seems to have positively impacted the yen's performance in the currency markets.

The British pound remained stable at USD 1.3615, while the euro made gains, rising by 0.2 percent to USD 1.1833. Meanwhile, the dollar showed no change against the Chinese yuan in offshore trading in Hong Kong, maintaining a rate of CNY 6.929. Similarly, the New Zealand dollar held steady at USD 0.6018, and the Australian dollar saw a modest increase of 0.2 percent, reaching USD 0.7028.