Forex News: Yen Trades Lower on Japan Election Outcome

By Gary Kerdus | DailyFX – Mon, Dec 17, 2012 10:40 AM SGT

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USDJPY=X102.40500.40

THE TAKEAWAY: Shinzo Abe becomes new Japan Prime Minister > Abe has called for inflation and currency debasement > Yen trades lower

The Japanese Yen gapped lower over the weekend as Shinzo Abe became the new Prime Minister of Japan. Abe has recently urged the Bank of Japan to pursue massive stimulus efforts to debase their currency and put an end to deflation. Abe’s dovish policy may prompt Forex traders to sell the yen which may be favorable to borrow against higher yielding carry currencies.

USD/JPY, 15 Minute Chart

Forex_News_Yen_Trades_Lower_on_Japan_Election_Outcome_body_Picture_1.png, Forex News: Yen Trades Lower on Japan Election Outcome

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