Investors in Asia are selling yen and seeking refuge in cash, Indian and select Chinese markets, and Singapore dollars ahead of the U.S. election, which could significantly impact global money and trade flows. With Asia’s markets sensitive to shifts in U.S. trade policies, money managers are reducing exposure to vulnerabilities like Japanese manufacturers and Hong Kong stocks. Instead, they are focusing on markets such as India and China that may perform well regardless of the election outcome. The yen has dropped 6.5% against the dollar through October, the largest fall among G10 currencies. While the U.S. presidential race remains too close to call, investors are cautious, avoiding outright bets and positioning themselves in markets less exposed to tariff risks, anticipating that emerging market equities could outperform next year.