The yen appreciated vis-à-vis the U.S. dollar today as the greenback tested bids around the ¥92.55 level and was capped around the ¥93.55 level.  As expected, the Democratic Party of Japan won a landslide victory in yesterday's general election over the long-incumbent Liberal Democratic Party of Japan.  The DJP won 308 seats in the lower house of parliament and the LDP's representation fell to 119 from 300.  Traders are carefully assessing the election results to determine how well the DPJ will be able to control spending and manage the government.  There is widespread speculation the DPJ will attempt to inflate public spending through new Japanese government bond issuance, possibly increasing social spending.  There is also skepticism that the yen's post-electoral gains will be sustainable.  Some believe former Ministry of Finance official Mr Yen Sakakibara will get a portfolio in the new government.  Data released in Japan overnight saw July construction orders off 42.8% y/y to ¥660.9 billion while July overall housing starts were off 32.1% y/y to 65,974.  Other data released tonight saw July wages decline 4.8% y/y while July overall retail sales were off 2.5% y/y.  Additionally, July industrial output was up 1.9% m/m.  The Nikkei 225 stock index lost 0.40% to close at ¥10,492.53.  The euro moved lower vis-à-vis the yen as the single currency tested bids around the ¥132.15 level and was capped around the ¥133.85 level.  The British pound moved lower vis-à-vis the yen as sterling tested bids around the ¥132.15 level while the Swiss franc moved lower vis-à-vis the yen and tested bids around the ¥87.20 level. In Chinese news, the U.S. dollar gained ground vis-à-vis the Chinese yuan as the greenback closed at CNY 6.8290 in the over-the-counter market, up from CNY 6.8256.  Chinese equities were off more than 6% today and closed at levels not seen since May.  It was reported that new yuan loans made by Chinese lenders in August were likely to fall below ¥300 billion from ¥356 billion in July and ¥1.53 trillion in June.