Yen Drops Toward 7-Year Low on Abe Poll Speculation; Euro Rises
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The yen fell toward a seven-year low versus the dollar on speculation Japanese Prime Minister Shinzo Abe has decided to call a snap election.
The yen weakened against all but two of its 16 major peers. Abe is likely to go to the people on Dec. 14 after postponing an unpopular sales-tax increase slated for October 2015, according to people with knowledge of his plan, who asked not to be identified because they aren’t authorized to speak. The euro strengthened after data showed French consumer prices rose more last month than economists forecast. Australia’s dollar rose for a third day.