The USD/JPY drops below 80.00 as risk-averse sentiment grows amid a view that Obama appears to be leading in the U.S. presidential election, says a dealer at a Japanese bank. The market's expectation is that an Obama win will likely lead to the U.S. maintaining a loose monetary policy and a weak dollar policy to spur the economy, which could keep U.S. Treasury yields from rising. CBS and NBC have projected Obama to win New Hampshire, one of important states. The dealer adds the pair should find initial support at 79.50 and then 79.00, with overseas investors and Japanese importers willing to buy on dips. The pair is now at 79.87.
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