Aussie, N.Z. Dollars Advance Versus Yen After Japanese Election
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The Australian and New Zealand dollars gained against the yen after Japan’s main opposition party reclaimed power in Dec. 16 elections on pledges of increased monetary stimulus.
The Aussie rose to its highest level since May 2011 before the Reserve Bank of Australia releases minutes from this month’s meeting when interest rates were reduced. New Zealand’s dollar touched a four-year high versus the Japanese currency on prospects the election will add to pressure on the Bank of Japan to expand easing as early as this week.