Yen Slumps to Weakest Since February in LDP-Results Aftermath

The yen slid further on Wednesday after touching the weakest level since February against the dollar, as Sanae Takaichi’s surprise win as the new leader of Japan’s ruling Liberal Democratic Party continued to weigh on the currency.

The Japanese currency weakened to as low as 152.34 against the greenback, while moving to a fresh record against the euro since the common currency’s inception in 1999. The markets curbed their expectations for a Bank of Japan interest-rate hike in the aftermath of the victory by the pro-stimulus lawmaker.