2. The fiscal cliff will become the focus (the interval may be several days to several weeks) after Obama rises in the early stage of winning the election. We will pay special attention to the composition of the House of Representatives. Before the election, * * * and the party had 240 seats and the Democratic Party 190 seats. Before the election, it was expected that the Democratic Party would regain several seats, but the Republican Party would still hold the majority. If * * * and the party maintain or consolidate their majority in the House of Representatives, they may be confident to take a tougher stance in the fiscal cliff negotiations-this will undoubtedly have a positive impact on fixed-income products, a negative impact on risk-related assets and a contradictory positive impact on the US dollar. However, the rise of the dollar is a response to the status of US Treasury bonds as safe-haven assets, not based on the view that US assets can outperform the market. If there is a risk of a downgrade of the US rating, the yen will be a big winner. Risk-related foreign exchange such as Canadian dollar, Australian dollar, Swedish krona and Norwegian krona will be hit by the downgrade of the US rating.