Such political uncertainty complicates life for the Bank of Japan as it ponders whether to hike rates next month. Opinions from its last meeting showed some members were already wary of market volatility, and that was before Trump's win.
At the same time, markets see less scope for further aggressive easing by the Federal Reserve given that Trump's stated policies, if followed in full, would likely put upward pressure on inflation and bond yields.
The implied chance of a December rate cut has come back to 66%, from atop 80% before the election, and a move in January is now seen as an outside bet. JPMorgan, for one, sees the Fed easing cycle terminating at 3.5%, rather than 3.0%.
U.S. consumer prices are due Wednesday and a core reading above the 0.3% forecast would be a further blow to hopes for a December easing.
All of which helped to nudge the dollar up 0.5% on the yen to 153.40, while the euro stayed stuck at $1.0725.
The political outlook was no clearer in Europe as German Chancellor Scholz said he would be willing to bring forward a vote of confidence in parliament to before Christmas, which would pave the way for snap elections.
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