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The Japanese yen is putting in a strong performance Monday morning after an election for the country's upper house dealt a big blow to the country's ruling coalition and left Prime Minister Shigeru Ishiba clinging to power.

Japanese Prime Minister Shigeru Ishiba sought to buy time in office following a second election setback in less than a year. But whether he stays days, weeks or even months,

Sanseito leader Sohei Kamiya's xenophobic views, antisemitic remarks and emphasis on Japan’s ethnic purity have raised alarms.

Sohei Kamiya, who launched Sanseito in 2020, has threatened that Japan would become a "colony" if it did nothing to "resist foreign pressure" For three years, a once fringe opposition party held just one seat in Japan's 248-seat upper house.