What matters in U.S. and global markets today By Mike Dolan, Editor-At-Large, Finance and Markets Japan's yen strengthened on Monday as embattled Prime Minister Shigeru Ishiba vowed to stay on as leader even after his ruling coalition lost its majority in Sunday's upper house elections.

A bad night for the ruling coalition could cost the prime minister his job and make it harder to strike a deal with Washington before the August tariff deadline.

The Japanese government said it is responding to "crimes and nuisances committed by some foreigners and inappropriate use of various systems."

Japanese markets were closed for a holiday and global currency markets offered the only clear sign of a reaction. The yen , which had hit a three-month low of 149.18 per dollar last week, firmed to just under 147.7 after the results. That dragged the dollar (.DXY) down across the board.

Shigeru Ishiba of the long-governing Liberal Democratic Party could face calls to resign if his party fares poorly in Sunday’s Upper House elections.

Colin Graham of Robeco still sees the yen as 'incredibly cheap', and discusses the possibility of another occurrence of a carry trade unwind.

TOKYO (Reuters) -Japanese Prime Minister Shigeru Ishiba on Monday stressed the need to establish a common understanding among parties on the pros and cons of cutting the country's sales tax rate. Cutting the sales tax could increase household income temporarily,

The success of Japanese right-wing party Sanseito in Sunday’s upper house election has the potential to unnerve global investors, who have been among the strongest supporters of the nation’s equity markets.