Price of the Japanese yen fell after the in the US were held debates between the candidates for the US presidency, Hillary Clinton and Donald Trump. According to experts, Mrs. Clinton has won the debate, which reduces the demand for defensive assets. We recall that the presidential elections in the US will be held in early November. In this regard, we do not expect the Fed raising interest rates in November, but we expect monetary tightening before the end of the year. Our medium-term outlook for the yen remains negative due to the divergence in the monetary policy of the Fed and the Bank of Japan, but in case of a fall on the stock markets, the demand for the yen will remain high.