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Stock impact report

Yen gains after Takaichi election victory; dollar softens ahead of U.S. data deluge [CNBC]

SOCIETE GENL FRNCE S/ADR (SCGLY) 
NASDAQ:AMEX Investor Relations: societegenerale.com/en/investors
Company Research Source: CNBC
The yen strengthened on Monday after Japanese Prime Minister Sanae Takaichi's election victory, reversing six consecutive days of losses as traders bet fiscal stimulus will boost the stock market, while the U.S. dollar eased against other major currencies. The yen had initially pulled back slightly after Takaichi's win on Sunday, with the currency reaching its weakest in two weeks, but then strengthened as the trading day continued. The dollar was last around 0.5% lower against the yen at 156.36 per dollar. The yen also retraced losses against other currencies, which earlier saw it reach its weakest level on record against the Swiss franc and trade near the weakest point since the creation of the euro. “While the initial yen weakness may not have played out, the outlook for the yen is still one which is likely to struggle to strengthen,” said Sim Moh Siong, currency strategist at OCBC in Singapore. “At least in the near term, there's also concern about intervention risk, whic Show less Read more
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