Investors are selling yen and taking shelter in cash, India, pockets of China's markets and Singapore dollars ahead of a U.S. election that could shake out global money and trade flows.

Asia's financial markets stand on the front line of what could be a wild ride when votes are tallied and in the months ahead since the region is an export powerhouse and shares and currencies are sensitive to changes in U.S. trade policies.

That has money managers shying away from outright wagers on the outcome and looking instead to reduce exposure to vulnerabilities from Japanese manufacturers to Hong Kong stocks and make bets in India or China that stand to gain regardless of the U.S. leader.