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It's 1998 again in Japan as election nears and yen softens

Economic impact of Putin's war in Ukraine hangs over upcoming vote

The yen has sunk beyond 136 to the dollar for the first time in 24 years. (Photo by Masayuki Terazawa)

TOKYO -- The last time the yen fell past 136 to the dollar was 24 years ago, in 1998. Just like this year, Japan held an upper house election in the summer.

Based on various exit polls, it was clear by the early afternoon of election day, July 12, that the ruling Liberal Democratic Party was headed to defeat, setting in motion a rapid party shake-up.

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