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Yen Selling Accelerates as Japan Policies Earn Public Backing

  • Dollar-yen climbs to fresh 24-year high after election results
  • Political stability may suggest status quo on key policies
Updated on

The yen fell to a fresh 24-year low after Japan’s ruling coalition expanded its majority in Sunday’s upper house election, with investors interpreting the result as a quasi-referendum on the country’s super-easy monetary policy.

The currency fell as much as 0.9% against the dollar, breaching the closely-watched 137 level. Bank of Japan Governor Haruhiko Kuroda reiterated Monday that he won’t hesitate to add monetary stimulus if needed to boost the stuttering economy.