Yen Rallies 1% on Demand for Haven After Abe Resignation Plan
(Bloomberg) -- The yen rallied 1% versus the dollar following Prime Minister Shinzo Abe’s plans to resign due to ill-health.
The move has currency traders questioning the continuation of Abenomics and even the Bank of Japan’s loose monetary policy, driving demand for the haven currency.
The yen touched 105.50 per dollar, its strongest in a week, also benefiting from weakness in the greenback following Federal Reserve Chair Jerome Powell’s shift on inflation.
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