USD/JPY flows: Weekend election in focus

With the upper house election due by the weekend for Japan, Nikkei reports that Prime Minister Ishiba's government risks losing its majority. While it is unlikely to topple the government yet, it will have critical implication towards the Japanese fiscal spending and taxes. Market participants are anticipating more stimulus if the Ishiba government face another losing battle this weekend.

USD/JPY is trading unchanged at 148.83.