Dollar jumps to 7-year high vs yen as Japan's GDP unexpectedly shrinks
The dollar surged to a fresh seven-year high against the yen on Monday after Japan's third quarter GDP unexpectedly contracted, giving the Japanese prime minister a strong excuse to call a snap election and delay a planned sales tax hike. The dollar rose to a peak of 117.06 yen, its highest since October 2007. The yen has lost ground against the dollar this month partly on speculation that a victory by Prime Minister Shinzo Abe at the polls could lead to a second round of reflationary policies. Japan's economy unexpectedly shrank an annualised 1.6 per cent in July-September after a severe contraction in the previous quarter.
The dollar surged to a fresh seven-year high against the yen on Monday after Japan's third quarter GDP unexpectedly contracted, giving the Japanese prime minister a strong excuse to call a snap election and delay a planned sales tax hike. The dollar rose to a peak of 117.06 yen, its highest since October 2007. The yen has lost ground against the dollar this month partly on speculation that a victory by Prime Minister Shinzo Abe at the polls could lead to a second round of reflationary policies. Japan's economy unexpectedly shrank an annualised 1.6 per cent in July-September after a severe contraction in the previous quarter.
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