Yen Dropped as New Prime Minister May Encourage Depreciation

The Japanese yen tumbled today to the lowest level in two weeks on the speculation that Naoto Kan, who is currently the Finance Minister, will succeed the present Prime Minister Yukio Hatoyama.
Hatoyama resigned because of the growing public criticism, which increased on Hatoyama’ handling of U.S. troop deployments in Okinawa. The traders expect the further decline of the yen as Kan expressed opinion that the weaker currency is better for the business.
USD/JPY traded near 91.92 today as of 10:50 GMT, jumping from the opening price of 90.94

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