Yen Drops to April 2011 Low After Pro-Easing Abe Wins - Monarch

The yen fell to the weakest level since April 2011 versus the dollar after Shinzo Abe's Liberal Democratic Party won Japanese elections yesterday, giving him a mandate to act on pledges of expanded monetary stimulus.

Japan's currency weakened the most in more than a month against the dollar before paring its declines amid speculation traders were reducing bets on a further depreciation.

Abe has called for the central bank to double its inflation goal to 2 percent and undertake unlimited easing to revive economic growth. Bank of Japan (8301) policy makers meet on Dec. 19-20. Sweden's krona climbed against all of its major peers before the nation's central bank sets policy today.

Source : Equity Bulls

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