* Limited reaction seen from ruling bloc loss in Tokyo poll

* Yen to take cues from moves in risk assets like equities

By Masayuki Kitano

TOKYO, July 13 (Reuters) - The yen was little changed against other major currencies on Monday, with traders looking to moves in risk assets like equities and oil to set the market's direction.

The yen showed little reaction early on Monday to the results of a key local election on Sunday, traders and analysts said.

Japanese Prime Minister Taro Aso's ruling bloc was soundly defeated in the Tokyo election seen as a bellwether for a national poll to be held within three months. [ID:nT353403] The election results suggest the main opposition Democratic Party will win more seats in a general election that must be held by October at the latest, said Tohru Sasaki, chief foreign exchange strategist for JPMorgan Chase Bank in Tokyo.

But it is unclear how that would affect Japan's economy, and the impact on the foreign exchange market seems likely to be limited at this point, Sasaki said, adding that the market's focus was on global economic conditions.

A trader for a European bank said the yen was likely to take its cue from how equities perform.

"Equities fell globally last week with U.S. shares falling for the fourth straight week, and the key is whether that will continue," the trader said.