Mitsubishi UFJ: Japanese Prime Minister winning election could lead to a sell-off of the yen.

Mitsubishi UFJ's Lee Hardman stated in a report that Japan's Prime Minister Naoto Kan's overwhelming victory in the House of Representatives election may lead to a sell-off of the yen. Hardman said that although intervention risks provided support for the yen, if investors are worried about the direction of Japanese policies under Prime Minister Naoto Kan, the yen would face depreciation risks. Data from the London Stock Exchange Group shows that the US dollar fell by 0.4% to 156.57 yen.