The yen was set for a fifth weekly decline against the dollar before Japan holds a lower house election next month as Prime Minister Shinzo Abe seeks a fresh mandate for economic stimulus.
Japan’s currency has fallen against all of its 31 major counterparts since Nov. 14 before data next week forecast to show an expansion in the U.S. economy. Data yesterday showed U.S. inflation was faster than forecast. The euro headed for a second weekly gain before European Central Bank President Mario Draghi speaks at the European Banking Congress today. A gauge of foreign-exchange volatility reached a nine-month high.
“The main scenario is for Abe’s coalition to win a majority,” said Yujiro Goto, a currency strategist in London at Nomura Holdings Inc. “Dollar-yen was solid as U.S. economic data were relatively strong. Investors want to buy the dollar against the yen and the euro into next year.”
Bloomberg
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