The Japanese yen cut into weekly losses against the U.S. dollar on Friday as the nation is set to return to the polls for upper parliament elections this weekend, Bloomberg reports.
Gains for the monetary unit of the Pacific Rim nation against the U.S. dollar as the trade week moderately rose to roughly 0.1 percent, drawing down the yen's weekly losses against its cross-Pacific rival to 0.9 percent.
Prime Minister Shinzo Abe's control over the political tableau in Japan is projected to solidify as his party is poised to gain ground when Japanese voters return to the polls on Sunday, according to Reuters.
"Everybody expects Abe to gain a majority in the upper house and strengthen his position and policy … that would leave the door open for more easing if needed and see dollar/yen rise," FX strategist Niels Christensen with Nordea told Reuters on Friday.
The Friday trade session began with the yen dropping about 0.4 percent against the greenback after economic data indicated Japanese investors last week acquired 1.11 trillion yen in international bonds, according to Bloomberg.
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