Yen Drops After Elections in Japan

The Japanese yen dropped today as the landslide victory of the ruling coalition gave Prime Minister Shinzo Abe to take bolder steps for reviving economic growth.
Shinzo’s Liberal Democratic Party won in the Upper House elections over the weekend. The Prime Minister ordered a new package of fiscal stimulus after the elections. Meanwhile, core machinery orders fell 1.4% in May even though economists had promised an increase.
USD/JPY climbed 1.5% from 100.61 to 102.15 as of 10:00 GMT today. EUR/JPY gained 1.4% from 111.14 to 112.69.

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