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Yen Slips As Tokyo Stocks Jump on Renewed Abenomics Hopes

Posted by Chris Advincula on Jul 11, 2016 6:54:24 AM

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(July 11 Reuters) The yen fell by well over 1 percent against the dollar on Monday as Japan's stocks jumped, after the country's ruling coalition won a landslide victory in upper house elections, boosting hopes for more monetary stimulus.

The greenback had already been given a lift by a bumper U.S. jobs report on Friday, which saw investors price back in the chance of an increase in interest rates by the Federal Reserve before the end of the year.

The dollar extended those gains on Monday, gaining almost half a percent hit a four-month high against a basket of currencies of 96.728.

Japan's Nikkei stocks average closed up 4 percent after Prime Minister Shinzo Abe's victory. He is expected to bolster his grip over the conservative party, which he led back to power in 2012 promising to revive the economy with hyper-easy monetary policy, fiscal spending and reforms - a program known as "Abenomics".

Click on the link below to see the full story from Reuters: (by Jemima Kelly)

Yen slips as Tokyo stocks jump on renewed Abenomics hopes

 

USDJPY.7.11.2016.jpg

Topics: Japan, Forex Fundamentals, Forex, Japanese Yen, BOJ, BOJ Monetary Policy

 

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