Thursday saw the Japanese yen fall to its lowest level since late April against the U.S. dollar as concerns increased about the growing strength of a political party whose candidate supports unlimited monetary easing, according to Bloomberg.
With elections slated for the middle of next month, candidate Shinzo Abe – leader of the largest opposition Liberal Democratic Party – has said there should be no end to the economy spurring measure. The monetary unit of the Pacific Rim nation fell at least 0.8 percent against all 16 of its top rivals.
"The biggest economic problem is prolonged deflation and a strong yen," the candidate said during a speech in the Japanese capital on Thursday, according to Bloomberg. "Markets will only start to react once unlimited monetary easing is conducted."
Yoshihiko Noda, the prime minister, said he plans to dissolve parliament on Friday as the monetary unit fell to its lowest rate in six months against the U.S. dollar. The acting secretary general said the election is scheduled for December 16.
The yen fell at least 1 percent against both the greenback and the common currency of the European Union, according to Reuters.
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