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Yen Jumbs After Election

by on December 15, 2014 6:20 am BST
 

The Japanese currency has tumbled about 30 percent in the past two years as Abe implemented fiscal spending and structural reforms and the Bank of Japan applied unprecedented monetary stimulus to battle deflation.

Abe’s ruling Liberal Democratic Party and its coalition partner gained more than two-thirds of the 475 seats in the lower house, winning about 325, the same as before yesterday’s election.

U.S. central bank policy makers meet Dec. 16-17 after holding their benchmark interest-rate target in a range of zero to 0.25 percent since 2008 to support the economy.

Indonesia’s rupiah sank to the lowest level since the Asian financial crisis amid speculation local companies increased buying of dollars before the end of the year.

The currency slid 1.6 percent to 12,670 per dollar, heading for its lowest close since August 1998. That was the biggest drop since Aug. 1.