NEW YORK/SINGAPORE (Reuters) -The yen hit three-month lows against the dollar on Monday, as Japan's ruling coalition's election loss raises political and monetary policy uncertainty, while the U.S. dollar headed for its biggest monthly gain since April 2022.

The Japanese yen fell to a three-month low early Monday after the country’s ruling party lost its majority following a snap election by new Prime Minister Shigeru Ishiba. The coalition led by the Liberal Democratic Party won 215 seats,

The yen fell to three-month low and futures pointed to a drop in Japanese stocks Monday after the Liberal Democratic Party and its coalition partner were dealt a heavy blow in a snap election.