FXStreet (Delhi) – Yujiro Goto, Research Analyst at Nomura, notes that the popularity rating of the Abe cabinet inched down to 47% in January (22-24 January) from 48% the previous month, according to Nikkei. Key Quotes “The survey was conducted after local media reported the allegations of bribery levelled at Economy Minister Amari, but the impact on the cabinet’s popularity rating has been limited so far. LDP’s popularity rating recovered to 39% from 37% in December, while the popularity rating for the biggest opposition party, DPJ, also recovered slightly to 8% from 6%. The gap in popularity between LDP and DPJ remains high, ahead of the upper house election scheduled this summer. As the difference in the popularity between the ruling coalition and opposition parties remains large, the ruling coalition still looks on track for another victory. This stable political situation will limit the impact of the political situation on USD/JPY. As JPY has appreciated broadly since the beginning of the year, policy makers are likely to be more comfortable with JPY weakness, as a result of possible additional easing by the BOJ. BOJ easing to prevent USD/JPY depreciating to 115 or below cannot be ruled out this week and USD/JPY is likely to trade in a stable manner into the meeting on Friday.” For more information, read our latest forex news.