Yen Tumbles in Longest Streak Since March After Abe Election
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The yen fell for a sixth week against the dollar, the longest streak in nine months, after the nation’s central bank said it would review its inflation target after a pro-stimulus government was elected.
Japan’s currency reached to a 20-month low versus the greenback after Shinzo Abe’s Liberal Democratic Party won parliamentary elections, giving him a mandate to pursue expanded monetary easing. The Dollar Index erased a weekly decline after House Republican leaders canceled a scheduled vote on Speaker John Boehner’s plan to allow higher tax rates for annual incomes above $1 million, delaying a deal beyond the Christmas recess. Sweden’s krona and Norway’s krone rallied after central banks held policy meetings.