On November 4, with investors focused on the U.S. midterm elections, Asian currencies strengthened broadly against the U.S. dollar. Democrats appeared poised to take control of both the House of Representatives and the Senate. Analysts at Maybank believe that if Democrats succeed in flipping House seats or gain control of both chambers, the artificial intelligence industry could face stricter scrutiny, potentially dampening the AI rally and weighing on the dollar. The analysts also noted that in the near term, falling U.S. Treasury yields could reduce the dollar's appeal as a funding or investment destination for carry trades, adding pressure on the greenback. The dollar fell 0.7% intraday against the yen to 157.61; it also dropped 0.5% against the Korean won to 1,338.20. During Asian trading hours, U.S. Treasury yields moved lower, and with equities declining, the move may reflect investors shifting toward safe-haven assets.