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There were a couple of major developments, as Abe called a snap election and delayed the sales tax hike by 18 months. The election is likely to be held as early as December 14 and it’s being seen as a referendum on Abenomics. As a result, a sweep for Mr Abe in the elections would be a resounding positive, as it gives him a license to press on with some aggressive measures. Analysts feel this election is a ploy by Abe to breathe fresh life into his agenda and potentially gain more ground as the opposition is currently in a shambles. Abe is also likely to put aggressive reformers in key posts as he presses on with his strategy. USD/JPY printed a high of ¥117.22 in Asian trade and remains just shy of that mark. Traders are cautiously waiting for results from the BoJ meeting which is currently underway. While nothing is expected from the BoJ meeting, you get a sense a surprise is not off the table. I continue to feel buying dips in the pair is a preferable strategy. Chasing the price higher often leads to traders being caught out, particularly for USD/JPY which is significantly overbought. The next key level for the pair is 117.93, which is where October 2007 highs come in.