MW : Yen gains after Japan's ruling party defeated in election
The greenback bought 92.71 yen, down from 93.64 yen in late North American trading on Friday The main opposition Democratic Party of Japan claimed the helm of the world's second-largest economy, winning 308 of the 480 seats in the lower house of parliament, compared with 115 seats previously. The LDP's representation fell to 119 seats from 300. See full story on Japan election.
"We have been anticipating some seasonal support for [the] Japanese yen in the run into the fiscal half-year at the end of September; the election win provides further support," said Patrick Bennett, Asia forex and rates strategist at Société Générale, in e-mailed comments.
The dollar gained against most other major rivals.
The dollar index (DXY 78.41, +0.08, +0.10%) , which tracks the U.S. unit against a trade-weighted basket of six major currencies, was at 78.330, up from 78.324 Friday.
The euro bought $1.4282, down from $1.4299 late Friday.
Lisa Twaronite reports for MarketWatch from Tokyo.
