Greenback reaches three-month maximum vs. yen on Abe election win

Greenback reaches three-month maximum vs. yen on Abe election win

On Monday, the evergreen buck hit a three-month maximum versus the Japanese yen, with market participants betting that an emphatic election win for Japan's ruling party would mean a continuation of the ultra-loose "Abenomics" policy, which have kept suppressing the Japanese yen.

Japanese Prime Minister Shinzo Abe's ruling bloc managed to score a huge victory in the election on Sunday, with his Liberal Democratic Party-led (LDP) coalition grasping a combined 312 seats, thus keeping its two-thirds  majority in the lower house.

Abe's win relieved concerns that the economic steps taken under his leadership, such as an expansive asset-purchase program by the BOJ, would be disrupted and also would cease the Japanese yen's depreciation versus the evergreen buck.

The major US currency soared 0.5% reaching 114.10 yen after the election results, which is its strongest outcome since July 11.

 

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