Session Recap: Yen drives USD lower across the board; Abe wins elections

FXstreet.com (Barcelona) - Session in the Asia-Pacific to start the week opened with an early move higher in Yen that soon corrected to break even before Tokyo started trading, but then as soon as traders hit the floor the Yen rose again to as high as 99.57 of theUSD/JPY pair.

The Yen move became in broad USD weakness following Japan PM Abe's upper house win, taking EUR/USD to session highs at 1.3170, AUD/USD to 0.9228, and Cable to 1.5298. Nikkei index opened in the 14750 region but soon eased to break even shy of 14600.

Gold and Silver broke higher above key $1300 resistance in case of Gold, while Oil remained above the $108 handle. Local share markets traded mixed with China mainland and Japan in the negative, while Australia and Korea still in the positive.

Main headlines in the Asian Session:

Jim Rogers says Abe will ruin Japan

Australian press: Treasury to revise down growth forecasts

Abe's coalition wins Japan's upper house election

Portugal's president backs coalition government

Fed reviewing rules that allow bank to own commodity assets

Aluminium scandal by Goldman Sachs to create headwinds for the Aussie?

China press reporting there may be scope for some China stimulus

Gold, silver and copper ripping higher on possible investigations into banks

China's banks may need up to $100 billion in new funding - WSJ

China may raise deposit rate ceiling to 30% – China press

BOJ’s Sato: BOJ does not rule out additional policy steps

Nikkei at even after Abe win

Australian press: August 31 firming as likely election date