Dollar-yen has fallen below ¥158, with the dollar weaker and the yen stronger. Reports predicting a Democratic victory in the Los Angeles mayoral election have heightened risk aversion in the market.
The dollar has come under pressure following the US midterm elections and is falling against major currencies. Oil prices are down in after-hours trading, with reports saying concerns over inflation are receding.
Reports that the Democratic Party is expected to win the Los Angeles mayoral election have accelerated dollar selling. There is speculation that, following New York, developments favoring the Democrats in Los Angeles are also affecting the market.
Dollar-yen fell below the ¥158 level, and cross-yen rates also weakened. Technology stocks came under renewed selling pressure, with the decline in NASDAQ particularly pronounced in after-hours trading. In Asian markets, Korean stocks fell more than 5%, while the Nikkei average also plunged.
Amid developments surrounding AI data centers in Texas, views have spread that AI regulations will be tightened as a result of a Democratic victory. Reports have also said that the Democratic Party is in favor of tighter AI regulation.