Japanese Yen Weakened by Political Turmoil

The Japanese yen dropped today after the Japan’s Social Democratic Party left the coalition government, causing speculation that the political turmoil will diminish the currency’s attractiveness as the safe haven.
The Social Democratic Party left the ruling coalition yesterday after Yukio Hatoyama, the Prime Minister of Japan, fired from the Cabinet the party’s leader and its only Cabinet minister. The survey showed that 63 percent of the nation’s voters want Hatoyama to resign.
USD/JPY traded at 91.42 as of 9:28 GMT today after it opened at 90.93. EUR/JPY traded at about 112.34 up from its opening price of 111.61.

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