Yen Tumbles Amid Japan's Political Shakeup; Oil Prices Plunge

The yen hit a three-month low after Japan's ruling party lost its parliamentary majority, triggering political and economic uncertainty. Meanwhile, oil prices dropped as Israel's strike on Iran avoided energy sites. The U.S. dollar climbed amid economic strength and anticipation of major earnings reports.

The yen plunged to a three-month low as Japan faced political uncertainty following the ruling party's loss of a parliamentary majority. Investors interpreted the election outcomes as a potential shift towards softer economic policies, impacting the market.

Oil prices fell amidst geopolitical tensions, as Israel's strategic strikes on Iran did not target oil facilities. Japan's economy saw mixed reactions with the Nikkei index rebounding despite the yen's depreciation.

Globally, the U.S. dollar continued its ascent, spurred by robust economic indicators and investor attention on impending corporate earnings. Financial markets are eyeing currency movements and the Federal Reserve's forthcoming decisions on interest rates.

(With inputs from agencies.)