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Yen biggest 2-day drop in two years on further stimulus hints

USDJPY News by Newsroom on 00:59 July 13, 2016 EST
The yen slid in its biggest two-day drop against the dollar since November 2014 as investors wait for details of the stimulus package advanced by Japan's Prime Minister Shinzo Abe.

The Asian currency fell by more than 1 percent against all of its major peers after Abe said he planned to add fiscal stimulus after his victory in last weekend’s upper house election.

The premier indicated on Tuesday he will order ministers to prepare plans for further measures aimed at supporting domestic demand. Global stocks took the news with enthusiasm and many indices are now above pre Brexit levels. The prospects of Japan unveiling more stimulus boosted the Nikkei 225 Stock Average 2.5 percent on top of Monday’s 4 percent jump. The Standard and Poor's 500 index of stocks rallied to new all time highs for the second day in a row.