TOKYO: The dollar touched a three-month high against the yen on Monday, with an emphatic election victory for Japan´s ruling party keeping yen-weakening stimulus measures at the heart of government policy.
Prime Minister Shinzo Abe´s ruling party scored a big win in Sunday´s election with his coalition keeping its two-thirds "super majority" in the lower house, local media said. Abe´s victory eased fears that the economic steps implemented under his leadership - such as the Bank of Japan´s super easy monetary policy - would be disrupted and halt the yen´s depreciation against the dollar.
"An LDP win did not come as a surprise, but it still helped clear uncertainty that had been preventing participants from buying the dollar," said Yukio Ishizuki, senior currency strategist at Daiwa Securities.
"Overcoming deflation with the BOJ easing is at the crux of the Abe administration´s policies and this will now be allowed to continue indefinitely. It´s relief over the BOJ policies, rather than hopes for fresh fiscal stimulus, that is weakening the yen. "The U.S. currency was up 0.25 percent at 113.79, losing a bit of momentum after earlier touching 114.10, its highest since July 11.”
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