forexsq - The yen touched the lowest level in almost seven months as the Bank of Japan holds a two-day meeting amid speculation the opposition party that advocates more aggressive easing will take power in December‚Äôs election.
Japan‚Äôs currency dropped against most major counterparts after Liberal Democratic Party leader Shinzo Abe was reported to have said he‚Äôll choose someone in favor of inflation targets as the next BOJ governor. Demand for the euro was limited before European finance ministers gather in Brussels tomorrow. Australia‚Äôs dollar climbed as gains in Asian shares boosted demand for higher-yielding assets.
‚ÄúWhat‚Äôs going on in Japanese politics is probably a more important driver for the yen, at least in the near term, and that can see it weakening,‚ÄĚ said Joseph Capurso, a currency strategist in Sydney at Commonwealth Bank of Australia. ‚ÄúIn the medium term, you can get these knee-jerk reactions‚ÄĚ to BOJ easing signals, he said.
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