
At 10:00 Tokyo time on Wednesday the yen traded at 158.45-158.46 per dollar, 71 sen weaker than the previous close. Yen buying emerged as the Nikkei fell more than 1,000 yen intraday and US long-term yields dipped, narrowing the rate gap.
Early results from the US midterm elections pointed to gains for the Democrats.
Yen weakness keeps Japanese import costs for US feed commodities elevated, while lower US yields weigh on the dollar and modestly support dollar-priced grain and meal.
Not enough comparable past events yet for a historical read.
After 1,637 past bearish macro events, US Dollar (Broad) moved a median -0.2% over 5 sessions (39% higher; middle half -0.6% to +0.3%), and -0.2% over 20.
Moves of each commodity's benchmark from the last close before the event. Historical reads pool past events of the same kind; they describe what happened, not what will. Not investment advice.