Catalan President Artur Mas, who called early elections to force the debate on independence, won 50 of the 135 seats in the regional assembly for his Convergencia i Unio party, down from 62. The separatist Catalan Republican Left, known as the ERC, more than doubled its seats to 21 from 10. Two smaller parties that also back a plebiscite secured 16 seats.
The euro has weakened 2.2 percent this year, according to Bloomberg Correlation-Weighted Indexes, which track 10 developed-nation currencies. The dollar dropped 2.2 percent, and the yen slid 9.1 percent.
“We see relative stability for the euro into year-end,” Hardman said, “while the scale of yen selling has been somewhat excessive this month and there is risk of a near-term correction.”
Japan’s currency rallied today as the Stoxx Europe 600 Index of shares slid 0.6 percent and futures on the Standard & Poor’s 500 Index dropped 0.4 percent.
The 14-day relative strength index for the yen against the dollar dropped to 25 at the end of last week, below the level of 30 that is considered a sign an asset’s decline has been too rapid. Japan’s currency had slumped 3.5 percent versus the dollar during the previous two weeks.
Minutes of the Bank of Japan’s Oct. 30 meeting released today showed a few members of the policy board said the economy entered a recessionary phase, while one indicated the need for new ways to boost price expectations. The BOJ last month increased asset purchases by 11 trillion yen, announced a new lending program and signed a joint statement with the government on ending deflation.