A victory for Kamala Harris in the U.S. presidential election has the potential to support Japan’s ailing currency, while a win for Donald Trump would probably boost the Tokyo stock market and put the yen at risk of a deeper slump.

That’s just two of the many possible market outcomes as investors and analysts sketch multiple scenarios for the trajectory of Japanese assets.

They caution that the risk of a contested result in the election means that regardless of who initially appears to come out on top, a period of heightened volatility is likely.