The Japanese yen has fallen to a one-year low against the euro.

Jin10 data reported on July 15, the Japanese yen fell to a one-year low against the euro, due to market concerns about the fiscal impact of the Japanese parliamentary elections. RBC Capital Markets forex strategist Richard Cochinos stated in a report that the latest polls show that the ruling coalition in Japan may lose 50% of its majority seats in the upcoming Senate elections on July 20, which could lead to future tax cuts and increased fiscal stimulus, potentially harming Japan’s fiscal situation. The Bank of Japan may also face political pressure to delay interest rate hikes. The euro against the yen EUR/JPY rose to a one-year high of 172.73 today.