Yen falls after Japan ruling party's poll setback
Tuesday, 13 July 2010
TOKYO, July 12 (AFP): The yen fell in Asian trade today after Japan's ruling party suffered an electoral setback that could affect its plans for cutting the country's huge debt.
The dollar rose to 89.03 yen in Tokyo afternoon trade, a two-week high, from 88.62 in New York late Friday. The euro fell to 1.2597 dollars from 1.2641 but rose to 112.19 yen from 112.01.
The ruling Democratic Party of Japan lost its narrow majority in parliament's upper house in Sunday's elections, creating the possibility of legislative paralysis.
When Kan took office a month ago as Japan's fifth prime minister in four years, he pledged to restore the nation's vigour after two decades of economic malaise and to whittle down a huge public debt.
The dollar rose to 89.03 yen in Tokyo afternoon trade, a two-week high, from 88.62 in New York late Friday. The euro fell to 1.2597 dollars from 1.2641 but rose to 112.19 yen from 112.01.
The ruling Democratic Party of Japan lost its narrow majority in parliament's upper house in Sunday's elections, creating the possibility of legislative paralysis.
When Kan took office a month ago as Japan's fifth prime minister in four years, he pledged to restore the nation's vigour after two decades of economic malaise and to whittle down a huge public debt.