USD/JPY comes under heavy selling pressure on Wednesday, dropping below 158.00 during the Asian session as the US Dollar slumps to a one-month low amid heightened political uncertainty after early US midterm vote counts. Moreover, the prospect of gridlock in Washington drives safe-haven flows, triggering a fresh leg down in US bond yields and further weighing on the buck.

US Dollar Index faces some selling pressure near 101.30 during the early Asian session on Wednesday. Traders will closely monitor the US midterm election outcomes later in the day for fresh impetus. Yields fell across the curve, with the 2-year treasury yields dropped five basis points to 4.566%. Benchmark 10-year yields were down six bps to 4.90%.