Yen's Downfall Amid Japan's Political Shift and Oil Market Turbulence

The yen hit a three-month low as Japan's ruling party lost its majority, signaling a shift to dovish economic policies. Oil prices declined after Israel's strike on Iran missed key targets. Stock markets rose, buoyed by technology firms, and U.S. yields increased amid signs of economic robustness.


Devdiscourse News Desk | Updated: 28-10-2024 06:11 IST | Created: 28-10-2024 06:11 IST
Yen's Downfall Amid Japan's Political Shift and Oil Market Turbulence
This image is AI-generated and does not depict any real-life event or location. It is a fictional representation created for illustrative purposes only.

The Japanese yen plunged to a three-month low following political developments that weakened Japan's ruling Liberal Democratic Party (LDP). The party, alongside its coalition partner Komeito, failed to secure a parliamentary majority, prompting concerns of a policy shift towards more dovish economic measures.

Meanwhile, Brent crude oil prices sharply dipped by 4.2% after Israel's strategic strikes on Iranian sites. The focus on Iranian missile factories spared energy supplies, temporarily calming market disruptions but unlikely to influence oil pricing dynamics in the long term.

In the U.S., currency markets stabilized as the dollar surged, backed by robust economic data and speculations of a potential Trump presidency. Wall Street saw a rise in stock futures, particularly among technology giants set to announce earnings this week, amidst global economic evaluations.

(With inputs from agencies.)

Give Feedback