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The Japanese government wants to work with President-elect Joe Biden to strengthen the Japan-US alliance, Prime Minister (PM) Yoshihide Suga said on Monday.

He added that he wants to secure peace and prosperity in the Indo-Pacific region.

However, he added that the timing of phone talks with Biden or a visit to the US has not yet been decided.

Separately, South Korea’s foreign minister arrived in Washington on Sunday for talks with her American counterpart on a visit now overshadowed by Joe Biden’s projected win in the US presidential election, per Reuters.

Market reaction

The risk sentiment remains buoyed amid expectations of further stimulus and policy continuity, as a Joe Biden victory in the US presidential election was already priced-in by the markets.

USD/JPY holds steady around 103.35, with the upside attempts limited by the persistent weakness in the US dollar when compared to its six major rivals.