Japan, Hong Kong shares seen facing tariff risk
Yen slides as investors bet on strong dollar
Dry powder can drive sharp moves postelection

HONG KONGSINGAPORE, Oct 30 Reuters Investors are selling yen and taking shelter in cash, India, pockets of China39;s markets and Singapore dollars ahead of a U.S. election that could shake out global money and trade flows.

Asia39;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.

We actually view China as a decent place to hide, said Jon Withaar who manages an Asia special situations hedge fund at Pictet Asset Management, since the market has a lot of domestic drivers and lower correlation with global asset moves.

The best thing for us to do is just sit on the sidelines and wait, he said, having already cut down on bets in Japan, where tariffs pose a risk for automakers and Hong Kong, where foreign selling of Chinese assets is likely to focus.

In the final stretch to the Nov. 5 election, betting odds have Republican Donald Trump leading Democrat Kamala Harris and financial markets have…